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>Following the release of the 1Q23 result, we revise our earnings forecast on MIKA mainly to reflect our new ASP growth assumption for this year, as we believe MIKA will have less flexibility in setting its ASP in 2023 given a shift in the pattern of consumer spending</li><li>At the same time, we also revise our operational beds and BOR assumptions for 2023 given the update on the number of beds in MIKA’s new hospitals</li><li>All in all, our topline growth estimate is lowered from 15.8% to 11.4% yoy, reducing our TP to IDR3,300</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>

Following the release of the 1Q23 result, we revise our earnings forecast on MIKA mainly to reflect our new ASP growth assumption for this year, as we believe MIKA will have less flexibility in setting its ASP in 2023 given a shift in the pattern of consumer spendingAt the same time, we also revise our operational beds and BOR assumptions for 2023 given the update on the number of beds in MIKA’s new hospitalsAll in all, our topline growth estimate is lowered from 15.8% to 11.4% yoy, reducing our TP to IDR3,300Content 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.

Mitra Keluarga (MIKA IJ) - Modest downward revisions