HEAL IJ – FY24 earnings below ours and cons

HEAL IJ – FY24 earnings below ours and cons

• 4Q24 Net Profit came at IDR65bn (-49.4% QoQ; -26.8% YoY), bringing FY24 earnings to IDR536bn (+22.5% YoY), below ours/cons at 80%/85%.
• 4Q24 revenue recorded flat at IDR1.69tn (+0.5% QoQ, +8.8% YoY). FY24 Revenue is in-line at IDR6.7tn (+16.1% YoY), with Outpatient/Inpatient revenue up by 9.8%/19% YoY.

• 4Q24 profitability margins decreased, with GPM down by 4% QoQ, due to increase in drugs supplies cost and salaries. 4Q24 OPEX also significantly from selling expenses. Overall FY24 margins improved, EBITDA margin up by 0.6% but is below Co's expectation of +1-2% growth.

  The topline result is in-line with ours, but earnings below. Opening of new hospitals in 2H24 might have affected the operational cost with low occupancy. We will review our numbers as more information on operational data to follow post earnings call this afternoon

 

BCAS: ACES IJ - Weak 2M25 SSSG

• ACES SSSG for Feb-25 came in at -6.6%, lower from Jan-25.

• Feb-25 gross sales came in at IDR599bn (-17.6% MoM, -0.3% YoY).

   

Bank Jatim (BJTM) Posted IDR 1.28 tn Net Profit in 2024
BJTM recorded a net profit of IDR 1.28 tn in 2024, supported by its banking group (KUB) partnership with Bank NTB Syariah. Total assets grew to IDR 118 tn (+13.7% YoY), driven by 37.6% YoY loan growth to IDR 75.3 tn and 15% YoY DPK growth to IDR 90 tn. Net revenue rose to IDR 5.7 tn (+13.6% YoY), while loan disbursement grew 16.98% YoY, exceeding the OJK's national growth rate of 10.39%. In 2025, BJTM targets 2-3% asset and DPK growth and 14-16% loan growth. (Kontan)

 

OCBC NISP (NISP) Distributed IDR 2.43 tn in Dividends
NISP approved a dividend payout of IDR 2.43 tn (IDR 106/sh), representing 49.98% of its IDR 4.86 tn net profit in 2024. The dividend yield was estimated at 8.2%. Net profit grew 18.9% YoY, supported by 14.3% YoY growth in interest income to IDR 18.78 tn, while NII rose to IDR 11.04 tn (+11.4% YoY). Third-party fund grew to IDR 205.93 tn (+11.4% YoY), with CASA ratio down 50 bps to 55.3%. (Kontan)