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

Siloam International Hospitals / Equity Bottom-Up

<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

<ul><li>SILO reported FY23 a solid net profit of Rp1.21tn (+73.9% yoy), demonstrating its cost-saving and higher revenue intensity initiatives.</li><li>We believe SILO’s efforts in pushing intensity and cost-savings will continue to drive growth. We lift our FY24/25F net profit est. by +2/+5%.</li><li>We maintain our Buy rating with an unchanged TP of Rp2,900 on still attractive FY24-25F EPS growth of 13-21% and undemanding valuation.</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 reported FY23 a solid net profit of Rp1.21tn (+73.9% yoy), demonstrating its cost-saving and higher revenue intensity initiatives.We believe SILO’s efforts in pushing intensity and cost-savings will continue to drive growth. We lift our FY24/25F net profit est. by +2/+5%.We maintain our Buy rating with an unchanged TP of Rp2,900 on still attractive FY24-25F EPS growth of 13-21% and undemanding valuation.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 Hospitals - Expect Growth Continuation from Revenue Intensity and Cost-Savings

Thematic (Sector/Industry)

<ul><li>ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.</li><li>KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.</li><li>We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.</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.

ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.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: KTAs from the Meeting with ARSS

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>Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.</li><li>To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.</li><li>While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.</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.

Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.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>Our latest checks with the healthcare operators indicated positive operational trajectory in 4Q23, hence we expect in-line 4Q23 earnings.</li><li>Compared to EM peers, Indonesian healthcare operators’ ROIC/WACC ratios are at par but with stronger projected EBITDA growth of 16%.</li><li>We maintain our OW rating on the sector, with HEAL as our top pick; recent share price weakness offers attractive entry points.</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.

Our latest checks with the healthcare operators indicated positive operational trajectory in 4Q23, hence we expect in-line 4Q23 earnings.Compared to EM peers, Indonesian healthcare operators’ ROIC/WACC ratios are at par but with stronger projected EBITDA growth of 16%.We maintain our OW rating on the sector, with HEAL as our top pick; recent share price weakness offers attractive entry points.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 : On Track 4Q23 Operational Affirm Attractive Growth and Return Outlook

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)