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.

Thematic (Sector/Industry)

<ul><li>The Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. </li><li>Some hospital operators indicated case increases among children in Nov23, with pediatric cases contributing 10-20% of revenues.</li><li>HEAL remains our Top Pick on its mother and children specialty with pediatric cases contributing 15-20% of revenues</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 Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. Some hospital operators indicated case increases among children in Nov23, with pediatric cases contributing 10-20% of revenues.HEAL remains our Top Pick on its mother and children specialty with pediatric cases contributing 15-20% of revenuesContent 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: Not the Case of a Pandemic Outbreak (OVERWEIGHT)

<ul><li>We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.</li><li>Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.</li><li>We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.</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 expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.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.

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.

TOHO HOLDINGS CO., LTD. is a wholesaler of medicine and medical tools and equipment.  The Company mainly sells to hospitals and pharmacies.  Toho's merchandise are nursing products mainly for elderly and handicapped, and these include pajamas and bedding products, wheelchairs, walkers, diapers, bathing products, and health foods.

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.

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)

Healthcare: Not the Case of a Pandemic Outbreak (OVERWEIGHT)

The Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. Some hospital...

BRI Danareksa Research

Healthcare: FY24 Outlook

We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.

BRI Danareksa Research

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