HEAL’s 4Q20 NP grew by 367% yoy to Rp212bn, beating estimates. Robust sales growth of 63% yoy in 4Q20 was driven by higher revenue per patient. Company guides for double-digit sales and NP growth in 2021F. We tweaked our FY21-22F EPS by 12-22%, projecting 11%/15% FY21F sales/NP growth. Reiterate Add on HEAL with a higher TP. The company managed to have positive FCF in 2020, and we expect the trend to sustain going forward.
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