External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

Thematic (Sector/Industry)

<ul><li>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </li></ul>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.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. 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.

Healthcare Sectoral Update November 18, 2024

<ul><li>We anticipate flat CPO output in FY25F, attributed to another year of La Nina.</li><li>On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.</li><li>Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). </li></ul>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.

We anticipate flat CPO output in FY25F, attributed to another year of La Nina.On the flip side, export volume is expected to weaken amid solid domestic demand, which underpins CPO prices.Notably, CPO production dropped by -4.8% YoY to 31.5mn tons in 7M24 (vs 33.1mn tons in 7M23), with PKO output tumbling by -5.2% YoY to 3.0mn tons (vs 3.2mn tons in 7M23). 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.

Plantation Sectoral Update November 15, 2024

<ul><li>Donald Trump achieves a historic comeback, becoming the second U.S. president to serve non-consecutive terms.</li><li>As results come in from House races nationwide, control of the chamber remains at stake, with the outcomes likely influencing key decisions on healthcare, taxes, and immigration. </li><li>The potential impact of Trump's trade policies could indirectly affect Indonesia's economy, especially through shifts in global trade dynamics and tariffs.</li></ul>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.

Donald Trump achieves a historic comeback, becoming the second U.S. president to serve non-consecutive terms.As results come in from House races nationwide, control of the chamber remains at stake, with the outcomes likely influencing key decisions on healthcare, taxes, and immigration. The potential impact of Trump's trade policies could indirectly affect Indonesia's economy, especially through shifts in global trade dynamics and tariffs.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.

Macro & Market Perspective - November 7, 2024

Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

<ul><li>MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.</li><li>The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.</li><li>MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. </li></ul>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.

MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. 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.

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

<ul><li>In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.</li><li>This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.</li><li>Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. </li></ul>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.

In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. 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.

HEAL IJ - 9M24 Results: Digitalization Leading to Expansive Margins