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

Siloam International Hospitals (SILO IJ) - Core Strength in Display

The Week That Was in ASEAN@Smartkarma- Bukalapak Building, Siloam's Base Case, and Prodia Diagnosed

Siloam International Hospitals (SILO IJ) -Revival of Core Patient Business in Motion

Siloam International Hospital (SILO IJ) - A Quickening Metabolism

Siloam International Hospital (SILO IJ) - The Saving Grace

Siloam International Hospital (SILO IJ) - Base Cases Improvement

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

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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.</p>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.</p>
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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.</p>
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<p>The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.</p>
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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.</p>
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<div>Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.</div>
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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.</p>
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Siloam International Hospitals (SILO IJ) is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
Siloam International Hospitals (SILO IJ) booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.

Siloam International Hospitals (SILO IJ) continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.



The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.


Siloam International Hospitals (SILO IJ) continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.


Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.


Siloam International Hospitals (SILO IJ) continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.


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