Key Indices


Top Stories
Company Results | Medikaloka Hermina (HEAL IJ/BUY/Rp515/Target: Rp785)
- HEAL's 3Q26 earnings improved sequentially but remained weak yoy, as higher depreciation offset EBITDA growth. Non-BPJS revenue continued to expand, although patient volumes lagged capacity additions, weighing on utilisation. BPJS policy dependence remains a structural risk. We maintain BUY but lower our target price to Rp785 from Rp1,120, applying 6.5x 2027 EV/EBITDA (previously 8.8x) to reflect higher sovereign yields and MSCI-related uncertainty.
Technical Analysis
Chandra Asri Pacific | TPIA IJ
- Trading Buy Range: We have a technical Buy at Rp1,345, and take profit at Rp1,440.
Dian Swastatika Sentosa | DSSA IJ
- Trading Buy Range: We have a technical Buy at Rp680, and take profit at Rp720.
Top Stories
Company Results | Medikaloka Hermina (HEAL IJ/BUY/Rp515/Target: Rp785)
- HEAL's 3Q26 earnings improved sequentially but remained weak yoy, as higher depreciation offset EBITDA growth. Non-BPJS revenue continued to expand, although patient volumes lagged capacity additions, weighing on utilisation. BPJS policy dependence remains a structural risk. We maintain BUY but lower our target price to Rp785 from Rp1,120, applying 6.5x 2027 EV/EBITDA (previously 8.8x) to reflect higher sovereign yields and MSCI-related uncertainty.
Technical Analysis
Chandra Asri Pacific | TPIA IJ
- Trading Buy Range: We have a technical Buy at Rp1,345, and take profit at Rp1,440.
Dian Swastatika Sentosa | DSSA IJ
- Trading Buy Range: We have a technical Buy at Rp680, and take profit at Rp720.
Key Indices


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