Equity Analysis /

ID : Siloam International Hospitals - Still going strong despite lower Covid cases

    29 March 2022
    Published byCGS-CIMB

    4Q21 NP of Rp142bn was more than expected on higher GPM, despite minimal Covid-19 contributions, suggesting cost initiatives have kicked in. Thus, unlike peers that may see FY22F GPM declines, we see upside risk on SILO’s. We increase FY22-23F EPS forecasts on higher margin assumption. Reiterate Add on SILO, with a slightly higher DCF-based TP of Rp10,900.