ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Total Acess & True, Carro & Ninja Van Plus Indonesian Banks

Medikaloka Hermina (HEAL IJ) - Forging Ahead Beyond COVID

PT Medikaloka Hermina (HEAL IJ) - Women & Children with Increasing Intensity

Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient

Siloam International Hospital (SILO IJ) - A Quickening Metabolism

Mitra Keluarga Karyasehat (MIKA IJ) - Occupancy and Profitability Rising

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

Equity Bottom-Up

Indonesian hospital operator <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" rel="noopener">Medikaloka Hermina (HEAL IJ)</a> just released a solid set of 1Q2021 results, with a +61.1% YoY increase in revenue and an even more impressive +186% YoY increase in EBITDA.
The majority of <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" rel="noopener">Medikaloka Hermina (HEAL IJ)</a>'s revenue came from the inpatient segment which made up 72.8% of revenue in 1Q2021, with total hospitalisation revenue increasing by +87% YoY, boosted by COVID-19 testing and treatment.
Meanwhile, the outpatient segment contributed 26.5% of the total revenue at IDR419.9bn, with outpatient revenues increasing by +14.7% compared to the same period last year, despite slower patient numbers.
<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> has a unique doctor partnership model with a group of specialist practising doctors owning a minority stake in each hospital, which aligns the interests of doctors and the hospitals.
<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> has a strong heritage in women and children care and is considered the number one hospital group for Obstetrics and Gynecology, as well as Paediatrics in Indonesia.
The company's interests are also aligned with the government since around 50% of its patients come through the JKN scheme (government healthcare program).
<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> looks increasingly interesting, especially given the recently announced 5 for 1 stock split which helps to improve liquidity. It also continues to trade on an attractive 11.9x FY21E EV/EBITDA and 10.4x FY22E EV/EBITDA versus peer <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> which trades on 24.6x FY21E and FY22E EV/EBITDA. Better liquidity should help the company close this valuation gap.

Indonesian hospital operator Medikaloka Hermina (HEAL IJ) just released a solid set of 1Q2021 results, with a +61.1% YoY increase in revenue and an even more impressive +186% YoY increase in EBITDA.
The majority of Medikaloka Hermina (HEAL IJ)'s revenue came from the inpatient segment which made up 72.8% of revenue in 1Q2021, with total hospitalisation revenue increasing by +87% YoY, boosted by COVID-19 testing and treatment.
Meanwhile, the outpatient segment contributed 26.5% of the total revenue at IDR419.9bn, with outpatient revenues increasing by +14.7% compared to the same period last year, despite slower patient numbers.
Medikaloka Hermina (HEAL IJ) has a unique doctor partnership model with a group of specialist practising doctors owning a minority stake in each hospital, which aligns the interests of doctors and the hospitals.
Medikaloka Hermina (HEAL IJ) has a strong heritage in women and children care and is considered the number one hospital group for Obstetrics and Gynecology, as well as Paediatrics in Indonesia.
The company's interests are also aligned with the government since around 50% of its patients come through the JKN scheme (government healthcare program).
Medikaloka Hermina (HEAL IJ) looks increasingly interesting, especially given the recently announced 5 for 1 stock split which helps to improve liquidity. It also continues to trade on an attractive 11.9x FY21E EV/EBITDA and 10.4x FY22E EV/EBITDA versus peer Mitra Keluarga Karyasehat Tbk (MIKA IJ) which trades on 24.6x FY21E and FY22E EV/EBITDA. Better liquidity should help the company close this valuation gap.

Medikaloka Hermina (HEAL IJ) - Women and Children First