Equity Analysis /

ID : Mitra Keluarga Karyasehat - New 2022 guidance

    11 January 2022
    Published byCGS-CIMB

    MIKA guides for flat revenue growth in 2022F at a maximum of single-digits, assuming zero Covid-19 cases and no PCR test contribution. Margins are likely to revert to pre-Covid-19 levels of <50%. We expect FY22F EBITDA margin to drop 3% pts yoy, pushing down net profit by 5% yoy. The company will be more aggressive on adding new hospitals, targeting 2-3 p.a. Reiterate Hold with a lower DCF-based TP.