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

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

Siloam International Hospitals / Equity Bottom-Up

<ul><li>SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.</li><li>Incorporating 9M24 results and risks of weaker admissions in 4Q24 due to year-end holiday, we trimmed our FY24F-26F Net Profit by 22%-28%. </li><li>We maintain our Buy rating with a slightly higher DCF-based TP at Rp3,300; we believe current valuation has priced-in weak 3Q24 results</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.

SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.Incorporating 9M24 results and risks of weaker admissions in 4Q24 due to year-end holiday, we trimmed our FY24F-26F Net Profit by 22%-28%. We maintain our Buy rating with a slightly higher DCF-based TP at Rp3,300; we believe current valuation has priced-in weak 3Q24 resultsContent 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.

Siloam International Hospitals - Better Entry Point Emerges Post-Weak 3Q24 Results

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

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<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> has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.</li>
<li>The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.</li>
<li>CVC now controls a majority stake in <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> following recent disposals by <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci</a> with the group being professionally managed. Valuations remain attractive versus peers.</li>
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Siloam International Hospitals has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.
The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.
CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci with the group being professionally managed. Valuations remain attractive versus peers.


Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

<ul><li>SILO’s resilient volume growth of +14%yoy in 2Q24 reflects its ability to retain patients through specialized services (CONGO Mix).</li><li>Combined with cost control through labor-efficiency, EBITDA margin was steady at ~30%, driving 1H24 core profit to grow 20% yoy (inline).</li><li>We maintain our Buy rating with a slightly higher TP of Rp3,000; expect labor-cost efficiency to complement intensity-growth strategy.</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.

SILO’s resilient volume growth of +14%yoy in 2Q24 reflects its ability to retain patients through specialized services (CONGO Mix).Combined with cost control through labor-efficiency, EBITDA margin was steady at ~30%, driving 1H24 core profit to grow 20% yoy (inline).We maintain our Buy rating with a slightly higher TP of Rp3,000; expect labor-cost efficiency to complement intensity-growth strategy.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.

Siloam International Hospitals - Robust 1H24 Earnings (Inline) Reflect Sustainable Operating Metrics

<ul><li>SILO’s 1Q24 performance continued to reflect its efforts in prioritizing higher intensity cases, a trend we expect to persist through 2Q-4Q24.</li><li>We lower our FY24F net profit est. by 17% due to one-off expenses but expect FY24F core net profit growth to remain solid (+27%yoy).</li><li>We maintain our Buy rating with a TP of Rp2,900; our gross estimate of possible future impairment risk should range between Rp102-153bn.</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.

SILO’s 1Q24 performance continued to reflect its efforts in prioritizing higher intensity cases, a trend we expect to persist through 2Q-4Q24.We lower our FY24F net profit est. by 17% due to one-off expenses but expect FY24F core net profit growth to remain solid (+27%yoy).We maintain our Buy rating with a TP of Rp2,900; our gross estimate of possible future impairment risk should range between Rp102-153bn.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.

Siloam International Hospitals (SILO IJ) - Sustaining Robust Operational Metrics in FY24F

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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Thematic (Sector/Industry)

<ul><li>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </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.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. 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.

Healthcare Sectoral Update November 18, 2024

Indonesia

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)

Siloam International Hospitals - Better Entry Point Emerges Post-Weak 3Q24 Results

SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.

BRI Danareksa Research