Mitra Keluarga Karyasehat: First Take: 2Q26 softer than expectations, but long-term growth algorithm stays intact

Research evidence excerpt

Mitra Keluarga Karyasehat: First Take: 2Q26 softer than expectations, but long-term growth algorithm stays intact

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Mitra Keluarga Karyasehat Overweight

MIKA.JK, MIKA IJ

First Take: 2Q26 softer than expectations, but long-term Price (29 Jul 26):Rp1,700

growth algorithm stays intact Price Target (Jun-27):Rp2,200

Our First Take: MIKA reported 2Q26 EBITDA of IDR554bn, up 9% both qoq and

yoy. This brought 1H26 EBITDA to IDR1.06tn, reflecting 7% yoy growth, below

our expectation of 10% yoy growth. Relative to consensus, we believe this is a

slight miss as 1H26 EBITDA makes up 47% of consensus FY numbers vs. 1H avg.

contribution of 49% in 2023-25. Earnings miss came from the top line, with 2Q IP

days declining by 8% yoy, while OP visits were relatively flat. We previously

expected better volumes in the quarter as seasonality should have been favorable, ASEAN Metals, Indo Auto &

but mgmt attributed the weakness to JKN volume and macro factors. Volume Consumer Research

declines were partially offset by a 13%/16% yoy increase in ARPOP/ARPIPD and Benny Kurniawan, CFA AC

continued opex discipline. 2Q26 EBITDA margin of 39.2% was in line with our (62-21) 5291 8024

expectations. From a case mix standpoint, private revenues continue to exhibit benny.kurniawan@jpmorgan.com

PT J.P. Morgan Sekuritas Indonesia

healthy double-digit growth, while JKN remains a drag. We believe the long-term

growth algorithm remains intact - ASP trajectory should sustain on favourable Steven Suntoso

(622-1) 5291 8090

revenue mix and premiumization of beds, while openings of 2 new hospitals over steven.suntoso@jpmorgan.com

the next 3 quarters should lead to volume recovery. Mgmt. maintains its double- PT J.P. Morgan Sekuritas Indonesia