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

Prodia Widyahusada (PRDA IJ) - Testing Times a Positive

Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient

Smartkarma Corporate Webinar | Prodia: Role of Diagnostics in Indonesia's Healthcare Sector

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

<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is the leading diagnostic lab and clinic operator in Indonesia, providing a wide range of testing services both for individuals, as well as doctor referrals and hospitals. It stands out as the only diagnostic company in Indonesia to have College of American Physicians (CAP) accreditation.
The company is heavily involved in COVID-19 testing with around 4-5% of revenues now coming from PCR tests but this has not been enough to offset the downturn in patient numbers, especially for walk-in customers. This does seem to be changing and we expect a pick up in patient numbers in 3Q2020.
Corporate health check-ups have also been delayed with most of the testing taking place for corporates for COVID-19.  This may take more time to recover according to management. 
June and July have seen customers start to come back with traffic better and revenue per patient has picking up from the average in 1H2020 at IDR679,000 per visit. 
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is also increasingly focused on developing digital and online channels and provides a variety of services through its Prodia App.
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<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> looks attractive from a valuation perspective, trading on 5.8x FY21E  versus its 5-year average of 8.0x forward EV/EBITDA, especially with the prospect of an ongoing recovery over the next few quarters. Healthcare and especially rising demand for preventative medicine plays into the company's strengths. 
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Prodia Widyahusada (PRDA IJ) is the leading diagnostic lab and clinic operator in Indonesia, providing a wide range of testing services both for individuals, as well as doctor referrals and hospitals. It stands out as the only diagnostic company in Indonesia to have College of American Physicians (CAP) accreditation.
The company is heavily involved in COVID-19 testing with around 4-5% of revenues now coming from PCR tests but this has not been enough to offset the downturn in patient numbers, especially for walk-in customers. This does seem to be changing and we expect a pick up in patient numbers in 3Q2020.
Corporate health check-ups have also been delayed with most of the testing taking place for corporates for COVID-19.  This may take more time to recover according to management. 
June and July have seen customers start to come back with traffic better and revenue per patient has picking up from the average in 1H2020 at IDR679,000 per visit. 
Prodia Widyahusada (PRDA IJ) is also increasingly focused on developing digital and online channels and provides a variety of services through its Prodia App.

Prodia Widyahusada (PRDA IJ) looks attractive from a valuation perspective, trading on 5.8x FY21E  versus its 5-year average of 8.0x forward EV/EBITDA, especially with the prospect of an ongoing recovery over the next few quarters. Healthcare and especially rising demand for preventative medicine plays into the company's strengths. 


Prodia Widyahusada (PRDA IJ) - Keeping Indonesia Diagnosed and Healthy