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Strength
In 3Q24, outpatient revenue rose +9.2% QoQ on the back of positive volumes (+11.3% QoQ; +10.0% YoY); revenue per-inpatient days saw an uptick to IDR 2mn in 3Q24 (+1.6% QoQ; -0.1% YoY) thanks to higher treatment intensity
Weakness
3Q24 GPM declined to 35.3% (2Q24: 37.9%) and EBITDA margin fell to 27.7% (2Q24: 29.2%), mainly due to additional opex related to new hospitals opened in YTD-24 (IKN, Pasuruan, Madiun, Rumbai)
Opportunity
Four new hospitals commence operations in YTD-24, boosting patient traffic; potential increase in contribution from COB should enhance profitability onwards; YTD underperformance provides buying opportunity
Threat
Potential surge in salary expenses due to the hiring of foreign doctors; elevated USD/IDR exchange rate may lead to higher medicine and medical supply costs (c. 35-40% of COGS), pressuring future margins
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
