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Sarana Meditama is the operator of the well-managed OMNI Hospitals in Indonesia The third new OMNI hospital in Cikarang (West Java) would commence operation in mid-April this year. OMNI Hospitals has had excellent track record of increasing revenue/inpatient and good annual growth in both total inpatient and outpatient traffic. With the recent asset revaluation in.

The street was over exuberant with the 5.5% SSSG in Jan 2016 due to the Chinese New Year and distribution of benefits from Kartu Jakarta Pintar (KJP) in Jan 2016. However, we observe that the supermarket division recorded a lower SSSG of -7% in Jan 2016 (vs Dec 2015: -3.8%), with early indication pointing to.

On the rating front, Pemeringkat Efek Indonesia (Pefindo) has awarded AAA/Stable for state owned company, Perusahaan Gas Negara Tbk (PGAS:IJ), driven by its important role for Indonesian government, strong position in domestic transmission and distribution gas business supported by widespread pipeline network in Java and Sumatera. Furthermore, the company’s strong liquidity and stable gas demand.

We upgrade the media sector to OVERWEIGHT (from Neutral) on the economy’s potential recovery, driven by government support in boosting consumption. The media industry’s long-term growth outlook remains strong, as TV dominates the ad spend market. Meanwhile, online companies have helped improve the growth of media operators via aggressive ad spending on TV stations. We.

The Indonesian Government is at an early stage of evaluating a few schemes to possibly control prices of licenced and branded generic drugs circulated in Indonesia, by considering upper price caps for those drugs and/or opening up the Indonesian pharmaceutical industry by allowing more competition in the market to enhance industry efficiency. As the potential.

We initiate coverage on Indonesia’s largest herbal medicine producer Sido Muncul with a BUY call and DCF-derived TP of IDR625 (22x/21x FY16F/17F P/Es, 20% upside). Its current product mix is geared towards higher-margin products as sales volume of its lower-margin F&B products has been declining. With its raw material production capacity expansion almost completed, we.

We initiate coverage on Kalbe Farma with a BUY and DCF-derived IDR1,600 TP (33x/27x FY16F/FY17F P/Es, 19% upside). Its pricing power and economies of scale have strategically positioned it in the high margin-high volume segment and it aims to double its exports to 10% by 2020. It is also focused on creating a value-add product.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.

We initiate coverage on Mitra Keluarga (MIKA) with a DCF-derived TP of IDR3,150, implying a 67x/60x FY16/17F P/E and a 14% upside return; thus we assign it a BUY recommendation. MIKA is the best-in-class among community hospitals with the highest margins and strongest operating cash flow generation among Indonesian listed hospitals. We believe in its.