External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul><li>MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.</li><li>MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.</li><li>FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MIKA.IJ - Headwinds Priced-In, as Indicative FY24 Are Inline; Reiterate Buy on Attractive Valuation

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.</li><li>The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.</li><li>MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume. </li><li>Incorporating 9M24 results and latest management guidance, we trimmed our FY24F/FY25F Net Profit by 7%/13%.</li><li>We maintain our Buy rating and DCF-based TP of Rp3,400; current valuation offers better entry points as volume headwinds are priced-in</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume. Incorporating 9M24 results and latest management guidance, we trimmed our FY24F/FY25F Net Profit by 7%/13%.We maintain our Buy rating and DCF-based TP of Rp3,400; current valuation offers better entry points as volume headwinds are priced-inContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mitra Keluarga Karyasehat - Better Entry Point Emerges as Volume Headwinds Are Priced In

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mitra Keluarga Karyasehat Tbk / Index Rebalance

<ul>
<li>The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.</li>
<li>We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

<ul><li>MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.</li><li>The gross profit spiked by +29.7% YoY to IDR2.1tn, achieving to a higher GPM of 53.7% (vs 49.6% in 1H23).</li><li>Following this, the operating profit also rose by +34.7% YoY to IDR754.7bn, reflecting 52.4%/51.5% MNCS/Consensus target.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.The gross profit spiked by +29.7% YoY to IDR2.1tn, achieving to a higher GPM of 53.7% (vs 49.6% in 1H23).Following this, the operating profit also rose by +34.7% YoY to IDR754.7bn, reflecting 52.4%/51.5% MNCS/Consensus target.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PT Mitra Keluarga Karyasehat Tbk (MIKA IJ) 1H24: Still In-Line with Improvement Margin

Indonesia

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

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Mitra Keluarga Karyasehat Tbk (MIKA IJ)

MIKA.IJ - Headwinds Priced-In, as Indicative FY24 Are Inline; Reiterate Buy on Attractive Valuation

MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.

BRI Danareksa Research

MIKA IJ - Steady Dynamic Growth in 9M24

MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.

MNC Sekuritas

Mitra Keluarga Karyasehat - Better Entry Point Emerges as Volume Headwinds Are Priced In

We believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume.

BRI Danareksa Research

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in October. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

PT Mitra Keluarga Karyasehat Tbk (MIKA IJ) 1H24: Still In-Line with Improvement Margin

MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.

MNC Sekuritas

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