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

BRI Danareksa Research

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. 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.

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

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul><li>MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.</li><li>MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.</li><li>FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400</li></ul><p><em>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.</em></p>

MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400Content 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.

MIKA.IJ - Headwinds Priced-In, as Indicative FY24 Are Inline; Reiterate Buy on Attractive Valuation