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) - Diagnosed as Resilient

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

Medikaloka Hermina (HEAL IJ) - Women and Children First

PT Prodia Widya Husada (PRDA IJ) - Promoting Wellness in Indonesia - On the Ground in J-Town

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

PRDA IJ: Prodia Widyahusada - Company Visit

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 Indonesia's leading diagnostics player and has proved its worth in dealing with COVID-19  with a mix of digital strategies, cost savings, and increasing testing capacity for COVID-19. 
The company recently released its 3Q2020 numbers, which saw a sharp increase in revenues to a level significantly above 1Q2020. 
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> managed to achieve an increase in the number of visits for 9M2020 although the number of tests was lower and hence revenue per visit, given the rise in single COVID-19 tests and the decline in regular medicals due to the pandemic. 
The ramp-up in COVID-19 testing capacity should help to support growth in 4Q2020 and into FY21E, and we would also expect some recovery in regular testing at the same time. 
The move to providing more digital and home services for patients through the company's App has reduced costs and will allow the company to provide a more efficient service. 
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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> is expected to see a sharp rebound in EPS of +28% in 2020 and trades on a reasonable 15.9x FY21E PER and 6.8x FY21E EV/EBITDA, which is at a discount to its 3-year average forward EV/EBITDA of 7.8x. The increasing health consciousness in Indonesia is already reflected in more esoteric testing and preventative treatments, which plays into <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)'</a>s strengths. 
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Prodia Widyahusada (PRDA IJ) is Indonesia's leading diagnostics player and has proved its worth in dealing with COVID-19  with a mix of digital strategies, cost savings, and increasing testing capacity for COVID-19. 
The company recently released its 3Q2020 numbers, which saw a sharp increase in revenues to a level significantly above 1Q2020. 
Prodia Widyahusada (PRDA IJ) managed to achieve an increase in the number of visits for 9M2020 although the number of tests was lower and hence revenue per visit, given the rise in single COVID-19 tests and the decline in regular medicals due to the pandemic. 
The ramp-up in COVID-19 testing capacity should help to support growth in 4Q2020 and into FY21E, and we would also expect some recovery in regular testing at the same time. 
The move to providing more digital and home services for patients through the company's App has reduced costs and will allow the company to provide a more efficient service. 

Prodia Widyahusada (PRDA IJ) is expected to see a sharp rebound in EPS of +28% in 2020 and trades on a reasonable 15.9x FY21E PER and 6.8x FY21E EV/EBITDA, which is at a discount to its 3-year average forward EV/EBITDA of 7.8x. The increasing health consciousness in Indonesia is already reflected in more esoteric testing and preventative treatments, which plays into Prodia Widyahusada (PRDA IJ)'s strengths. 


Prodia Widyahusada (PRDA IJ) - Testing Times a Positive