ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a>, <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> </li>
<li>There were alos insights on the Malaysian economic outlook, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a>, the LQ45 Index rebalance, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust</a>, and <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Siloam International Hospitals (SILO IJ), Bank Rakyat Indonesia (BBRI IJ), MR DIY (MRDIY MK), UOB (UOB SP), and Singapore Airlines (SIA SP) 
There were alos insights on the Malaysian economic outlook, Vinfast, the LQ45 Index rebalance, Japfa Comfeed Indonesia, Lippo Malls Indonesia Retail Trust, and Medco Energi (MEDC IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ)</a> remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.</li>
<li>The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.</li>
<li>Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> on 10.2x FY2024E EV/EBITDA. </li>
</ul>



Medikaloka Hermina (HEAL IJ) remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.
The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.
Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat Tbk (MIKA IJ) on 10.2x FY2024E EV/EBITDA. 


Medikaloka Hermina (HEAL IJ) - Starting Patients Young

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga (MIKA IJ)</a> is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.</li>
<li>The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat</a> continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.</li>
</ul>



Mitra Keluarga (MIKA IJ) is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.
The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  

Mitra Keluarga Karyasehat continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.


Mitra Keluarga Karyasehat (MIKA IJ) - Well Adjusted For a Rapid Recovery

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw inisghts on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a>, <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a>, <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" data-smartkarma-citation="entities:882:1" rel="noopener">Bangkok Chain Hospital</a>, and <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services</a>, Cinema XXI IPO, and <a href="https://www.smartkarma.com/entities/vale-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:19226:1" rel="noopener">Vale Indonesia (INCO)</a>.</li>
<li>The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw inisghts on Sumber Alfaria Trijaya, Siloam International Hospitals, Bangkok Chain Hospital, and Bangkok Dusit Medical Services, Cinema XXI IPO, and Vale Indonesia (INCO).
The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. 


The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>The recent announcement that Indonesia will allow foreign doctors to operate in Indonesia should benefit listed healthcare players with <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> being a key beneficiary of the move.</li>
<li>The company has come out of the pandemic stronger and more profitable with an ongoing focus on increasing the complexity of treatments and the efficiency of operations. </li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000 bed capacity leaving room for organic growth. Valuations are attractive.</li>
</ul>


The recent announcement that Indonesia will allow foreign doctors to operate in Indonesia should benefit listed healthcare players with Siloam International Hospitals being a key beneficiary of the move.
The company has come out of the pandemic stronger and more profitable with an ongoing focus on increasing the complexity of treatments and the efficiency of operations. 

Siloam International Hospitals will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000 bed capacity leaving room for organic growth. Valuations are attractive.


Siloam International Hospitals (SILO IJ) - Harnessing Outward Tourism with Greater Complexity

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.

PT Sejahteraraya Anugrahjaya Tbk operates hospitals.

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

PT Enseval Putera Megatrading Tbk distributes pharmaceutical products, consumer goods, and hospital supplies and equipment.  The Company also markets and sells chemical products as raw material for the pharmaceutical, cosmetics, and food industries.

PT Sarana Meditama Metropolitan Tbk owns and manages hospitals in Indonesia.

PT Prodia Widyahusada provides health care testing services. The Company provides analytic and diagnostic services for the medical professionals. Prodia Widyahusada serves customers in Indonesia.

PT Millennium Pharmacon International Tbk distributes pharmaceutical, food supplements and consumer products.

Millennium Pharmacon Internationl (SDPC IJ)

PT Royal Prima Tbk provides hospital services. The Company offers treatment for orthopedics, urology, oncology, digestive surgery, psychiatric, cardiovascular, hypertension, and metabolic diabetes treatment services. Royal Prima serves patients in Indonesia.

PT Tempo Scan Pacific Tbk manufactures and distributes pharmaceutical , health care and cosmetic products. The Company offers a variety of products including prescription drugs, specialty care products, and home care consumer products.

Kimia Farma (Persero) Tbk manufactures, distributes, and sells pharmaceutical, chemical, biological, and other materials for use of manufacturing of contraceptives, cosmetics, medical equipment, medicines, and food and beverages. The Company also produces packing material, machinery, equipment, and supporting facilities related to pharmaceuticals as well as operates pharmacies.

National Healthcare Corporation operates long-term health care centers.  The Company also operates homecare programs, independent living centers, and assisted living centers.  National Healthcare's other services include managed care specialty medical units, Alzheimer's units, and a rehabilitation services company.

Premier Inc. provides health care services. The Company offers clinical and financial database, peers, food and drug administration, drug surveillance, pharmacy, health insurance, and healthcare consultancy.

AMN Healthcare Services, Inc., a temporary healthcare staffing company, provides travel nurse staffing services. The Company places nurses and allied health professionals on temporary assignments at hospitals and healthcare facilities throughout the United States.

Addus HomeCare Corp provides a broad range of social and medical services in the home.  The Company's services include personal care and assistance with activities of daily living, skilled nursing and rehabilitative therapies, and adult day care. Addus consumers are individuals with special needs who are at risk of hospitalization or institutionalization.

Generale de Sante operates private hospitals.  The Company operates hospitals in France, Italy, Portugal, and Canada.

Orpea operates nursing homes.  The Company serves older clients in all stages of dependency through its facilities located throughout France.

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

Al Hammadi Development and Investment Co. owns, operates and manages hospitals.

Al Hammadi Development And I (ALHAMMAD AB)

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

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Siloam International Hospitals (SILO IJ)

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - Starting Patients Young

Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat (MIKA...

Angus Mackintosh

Mitra Keluarga Karyasehat (MIKA IJ) - Well Adjusted For a Rapid Recovery

Mitra Keluarga continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Harnessing Outward Tourism with Greater Complexity

Siloam International Hospitals will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000-bed capacity leaving room...

Angus Mackintosh

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