Equity Analysis /
Indonesia

ID : Mitra Keluarga Karyasehat - Normalisation post-Covid-19

    Patricia Gabriela
    Patricia Gabriela

    Research Analyst

    CGS-CIMB
    28 March 2022
    Published by

    MIKA’s 4Q21 NP grew 9% yoy (from a high base) — despite sales falling 14% yoy and GPM declining — above expectations, on one-off in opex. We do not expect the recent spike in Covid-19 cases to benefit MIKA, due to the lower hospitality and fatality rate, thus we expect NP to fall in 1Q22F. On the normalised growth post-Covid-19, we maintain our Hold call on MIKA.