Key Indices


Top Stories
Sector Update | Healthcare
- MIKA and HEAL delivered 1H26 revenue growth of 8.0% and 6.5% yoy respectively despite softer utilisation, supported by higher revenue intensity. Maintain OVERWEIGHT on structural healthcare demand, rising treatment complexity and trough valuations. Maintain BUY on MIKA for its resilient margins and Rp3.0t net cash. Maintain BUY on HEAL but lower our target price to Rp1,120 after cutting 2026/27 earnings significantly as we rebase our forecasts and reduce target EV/EBITDA to 10x. A 2H26 volume recovery is the key catalyst.
Technical Analysis
Petrosea | PTRO IJ
- Trading Buy Range: We have a technical Buy at Rp5,450, and take profit at Rp5,900.
Bumi Resources Minerals | BRMS IJ
- Trading Buy Range: We have a technical Buy at Rp630, and take profit at Rp680.
Top Stories
Sector Update | Healthcare
- MIKA and HEAL delivered 1H26 revenue growth of 8.0% and 6.5% yoy respectively despite softer utilisation, supported by higher revenue intensity. Maintain OVERWEIGHT on structural healthcare demand, rising treatment complexity and trough valuations. Maintain BUY on MIKA for its resilient margins and Rp3.0t net cash. Maintain BUY on HEAL but lower our target price to Rp1,120 after cutting 2026/27 earnings significantly as we rebase our forecasts and reduce target EV/EBITDA to 10x. A 2H26 volume recovery is the key catalyst.
Technical Analysis
Petrosea | PTRO IJ
- Trading Buy Range: We have a technical Buy at Rp5,450, and take profit at Rp5,900.
Bumi Resources Minerals | BRMS IJ
- Trading Buy Range: We have a technical Buy at Rp630, and take profit at Rp680.
Key Indices


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