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

Medikaloka Hermina (HEAL IJ) - Women and Children First

Siloam International Hospital (SILO IJ) - Base Cases Improvement

Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

Siloam International Hospital (SILO IJ) - The Saving Grace

Siloam International Hospital (SILO IJ) - Medical Marvel - On the Ground in J-Town

Siloam International Hospital (SILO IJ) - Harvest Time Ahead? - On the Ground

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

Siloam International Hospitals / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> released an impressive set of FY2020 numbers last week evening with net operating revenues up by +5.3% but EBITDA up by +37.4% and with EBITDA margins increasing to 21.6% versus 16.6% in 2019. Net profit was up by +365.8% YoY to IDR125bn in FY2020, whilst the company's free cash flow increased by +772% to IDR1,068bn in FY2020 as a whole. 
Average revenue per inpatient days increased by +19.1% YoY, whilst average revenue per outpatient visits increased by +39.9% YoY in FY2020, both of which helped to offset lower inpatient and outpatient numbers. 
The company has put in place a number of new initiatives to grow the business and continue to monetize existing assets more effectively. This should continue to drive future revenues and profitability, coupled with more effective pricing across its hospital network and more effective cost savings as procurement.
<a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> continues to benefit from COViD-19 testing and treatment, which saw a ramp-up during 2020, and has continued into 2021. 
The company also paid a special dividend to recognize its transformation successes on top of a 45% payout ratio bringing the total payout to 181%, with a commitment to payout more than 25% of earnings as a dividend barring unforeseen circumstances.
<a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> trades on an FY21E EV/EBITDA of 9.9x and FY22E EV/EBITDA of 6.6x making it look attractive both from a historical perspective  and versus local hospital peers <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> and <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ)</a>, as well as its regional peer group. We also expect upward revisions to analyst forecasts.

Siloam International Hospital (SILO IJ) released an impressive set of FY2020 numbers last week evening with net operating revenues up by +5.3% but EBITDA up by +37.4% and with EBITDA margins increasing to 21.6% versus 16.6% in 2019. Net profit was up by +365.8% YoY to IDR125bn in FY2020, whilst the company's free cash flow increased by +772% to IDR1,068bn in FY2020 as a whole. 
Average revenue per inpatient days increased by +19.1% YoY, whilst average revenue per outpatient visits increased by +39.9% YoY in FY2020, both of which helped to offset lower inpatient and outpatient numbers. 
The company has put in place a number of new initiatives to grow the business and continue to monetize existing assets more effectively. This should continue to drive future revenues and profitability, coupled with more effective pricing across its hospital network and more effective cost savings as procurement.
Siloam International Hospital (SILO IJ) continues to benefit from COViD-19 testing and treatment, which saw a ramp-up during 2020, and has continued into 2021. 
The company also paid a special dividend to recognize its transformation successes on top of a 45% payout ratio bringing the total payout to 181%, with a commitment to payout more than 25% of earnings as a dividend barring unforeseen circumstances.
Siloam International Hospital (SILO IJ) trades on an FY21E EV/EBITDA of 9.9x and FY22E EV/EBITDA of 6.6x making it look attractive both from a historical perspective  and versus local hospital peers Mitra Keluarga Karyasehat Tbk (MIKA IJ) and Medikaloka Hermina (HEAL IJ), as well as its regional peer group. We also expect upward revisions to analyst forecasts. 

Siloam International Hospital (SILO IJ) - A Quickening Metabolism