First Read Mitra Keluarga Karyasehat: 1H26 strong revenue intensity underpins guidance

研报英文原文证据摘录

First Read Mitra Keluarga Karyasehat: 1H26 strong revenue intensity underpins guidance

Global Research

29 July 2026ab

First Read

EquitiesMitra Keluarga Karyasehat

1H 26 strong revenue intensity underpins Indonesia

guidance Healthcare Providers

12-month rating Neutral

12m price target Rp2,400

Key takeaways from analyst briefing

Mitra Keluarga (MIKA) hosted an analyst briefing following its 1H26 results

announcement. Key takeaways were: (1) MIKA delivered 1H26 revenue growth of 8.0% Price (29 Jul 2026) Rp1,700

YoY, which was below management's low- to mid-teens 2026 growth target but RIC: MIKA.JK BBG: MIKA IJ

broadly within expectations given the group's seasonally stronger 2H. (2) MIKA

Trading data and key metrics

continued to improve revenue quality, with the private revenue mix increasing to 90%

(vs. 88% in 1H25), while ARPID (average revenue per inpatient day) and ARPOP (average 52-wk range Rp2,670-1,435

revenue per outpatient visit) rose 12.2% and 12.6%, respectively, supported by the Market cap. Rp24,736b/US$1.37b

continued expansion of high-complexity services. (3) MIKA maintained a strong balance Shares o/s 14,551m (ORD)

sheet, with ongoing investments in specialist capabilities, its hub-and-spoke network, Free float 18%

and two hospitals currently under development. Avg. daily volume ('000) 9,605

Avg. daily value (m) Rp15,950.4

What were the most noteworthy areas in the results? Common s/h equity (12/26E) Rp8005b

MIKA continued to increase revenue intensity despite muted patient volumes in 1H26. P/BV (12/26E) 3.1x

Management noted that softer macroeconomic conditions and some downtrading Net debt to EBITDA (12/26E) NM

behaviour offset the benefit of a higher number of working days, while competitive

EPS (UBS, diluted) (Rp)

pressures remained largely unchanged.