Resilient growth, best-in-class margins; depressed multiple

Research evidence excerpt

Resilient growth, best-in-class margins; depressed multiple

Macquarie Equity Research Mitra Keluarga

Key Risks to Investment Thesis Company Description

• Slower-than-expected growth.

• Lower-than-expected margins. Mitra Keluarga is one of the largest private hospital groups in

Indonesia. They own and operate ~30 hospitals; 18 of which

• Delays on new launches. are located in the Greater Jakarta area, 5 in West Java, 4 in

• Unfavourable regulatory development. Surabaya (East Java), and 2 in Central Java. The majority of

• Higher-than-expected Rf and ERP sentiment. their revenue is derived from private payer segment. Mitra

Keluarga is owned by the same family that built Kalbe Farma.

Figure 1 - MIKA delivered the strongest margins Figure 2 - MIKA screens as the cheapest hospital

among peers in 1Q26, highlighting its superior stock on a forward P/E basis, while trading broadly

operational efficiency and profitability in line with peers on forward EV/EBITDA

40% 38% 30.0x

35% 25.2x

25.0x 23.0x 29%

30%

25% 26% 20.0x

25%

14.9x results 20% 15.0x

8.8x 1Q26 15% 11% 10.0x 8.5x 8.0x

10%

6%

5.0x

5%

0% 0.0x

PATMI margin EBITDA margin Fwd P/E Fwd EV/EBITDA

MIKA SILO HEAL HEAL SILO MIKA

Source: FactSet, Macquarie Research, July 2026 Source: FactSet, Macquarie Research, July 2026

Mitra Keluarga (MIKA IJ) IDR/(bn) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E Q1/26A Q2/26E Balance Sheet 2025A 2026E 2027E 2028E

Revenue 5,368 5,694 6,194 6,680 1,424 1,424 Cash 2,540 2,959 3,461 4,267

Cost of Goods Sold 2,430 2,623 2,834 3,031 655.8 655.8 Receivables 733.4 772.5 840.3 906.2

Gross Profit 2,939 3,071 3,360 3,648 767.7 767.7 Inventories 76.7 125.6 135.8 145.3

EBITDA 2,052 2,109 2,333 2,556 527.3 527.3 Investments 124.7 112.2 101.0 90.9