Equity Analysis /

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

    Patricia Gabriela
    Patricia Gabriela

    Research Analyst

    29 March 2022
    Published by

    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.