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

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

The Week That Was in ASEAN@Smartkarma - BNI Is Happening, Indonesian Hospitals, and the PSE

Medikaloka Hermina (HEAL IJ) - Women and Children First

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

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<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> just released its 9M2020 results which saw revenues and EBITDA decline by -4.1% and -3.9% respectively but the key positive was a sharp rebound in 3Q2020, where revenues were flat versus 1Q2020 but EBITDA saw a +14.5% increase in 3Q2020 versus 1Q2020. Revenue in 3Q2020 was up by +54% versus 2Q2020 and EBITDA increased in 3Q2020 by +143.6% compared to 2Q 2020. These numbers demonstrate that a recovery is well underway. 
The better result was despite patient volumes declining -22.4% YoY in 3Q2020, as both revenue per inpatient and revenue per outpatient increased by +11.9% and +16.9% YoY respectively, with medication and diagnostic testing to treat COVID-19 patients helping to increase the revenue intensity. 
These look like a positive set of numbers, especially looking at the 3Q2020 versus 2Q2020, which showed a significant rebound and testament to the quality of the management, with costs also kept under control and a rock-solid balance sheet.
<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> trades on 27x FY21E EV/EBITDA versus its 5-year average of 30.5x. This positive set of results should be strong evidence of an ongoing recovery in its hospital business, with patients becoming more profitable as revenue intensity improves.

Mitra Keluarga Karyasehat Tbk (MIKA IJ) just released its 9M2020 results which saw revenues and EBITDA decline by -4.1% and -3.9% respectively but the key positive was a sharp rebound in 3Q2020, where revenues were flat versus 1Q2020 but EBITDA saw a +14.5% increase in 3Q2020 versus 1Q2020. Revenue in 3Q2020 was up by +54% versus 2Q2020 and EBITDA increased in 3Q2020 by +143.6% compared to 2Q 2020. These numbers demonstrate that a recovery is well underway. 
The better result was despite patient volumes declining -22.4% YoY in 3Q2020, as both revenue per inpatient and revenue per outpatient increased by +11.9% and +16.9% YoY respectively, with medication and diagnostic testing to treat COVID-19 patients helping to increase the revenue intensity. 
These look like a positive set of numbers, especially looking at the 3Q2020 versus 2Q2020, which showed a significant rebound and testament to the quality of the management, with costs also kept under control and a rock-solid balance sheet.
Mitra Keluarga Karyasehat Tbk (MIKA IJ) trades on 27x FY21E EV/EBITDA versus its 5-year average of 30.5x. This positive set of results should be strong evidence of an ongoing recovery in its hospital business, with patients becoming more profitable as revenue intensity improves. 

Mitra Keluarga Karyasehat Tbk (MIKA IJ) - A Recovery Fully Under Way