Ipo Omni Final

8/12/2019 Ipo Omni Final

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FOCUS RESEARCH

DECEMBER 2012

INITIALPUBLICOFFERING PT SARANA MEDITAMA METROPOLITAN TBK

IPOSTRUCTURE

Noof

Share

Newsharesissued 180,000,000OutstandingsharespostIPO 1,180,000,000

ShareholderspostIPOPTOmniHealthCare 84.53%DidiArmantoKusumanto 0.22%Public 15.25%

IPOScheduleTentativeBookbuildingperiod 1318December2012Effectivedate 28December 2012Offeringperiod 37 January2013Allotmentdate 9January2013Distributiondate 11January2013ListingatIDX 14January2013

TheuseofIPOProceedsTofinancetherepaymentofshareholdersloan 50%TofinancetheadditionofVIPbedsinSMI 28%Workingcapital 22%Source:PreliminaryProspectus

OMNIHOSPITALPULOMAS

Source:Companydata

OMNIHOSPITALALAMSUTERA

Source:Companydata

Theodorus ArielKristian

[email protected](+62-21) 5785 1818 ext. 2050

INVESTMENTHIGHLIGHTS

Leading privately-owned hospital in Indonesia

Omni Hospital is a leading privately-owned hospital company in Greater

J akarta, Indonesia which provides a full range of premier hospital services andthe highest level of patient care. Omni hospitals are operated by PT Sarana

Meditama Metropolitan Tbk (SMM or the company) in Pulomas, East Jakarta

and a lso operated by SMMs subsidiary, PT Sarana Meditama International (SMI)

in Alam Sutera, Tangerang (West of J akarta area). In 2010, Omni hospitals are

accredited by the Ministry of Health for 16 medical services and certified as

Class B hospitals, the highest grade for private hospitals in Indonesia.

Has 77 Premium Beds in Pulomas and Alam Sutera

As of J une 2012, Omni hospitals have 246 beds, in which 77 units are Premium

Beds located in Pulomas (49 units) and Alam Sutera (28 units). The bed

occupancy rate (BOR) of premium beds in SMM was running at 63.3% BOR while

SMIs premium bed was running at 81.5% BOR. The key growth driver for the

company is the addition of Premium Beds, which occupy more space and

generate higher revenue and profits than ordinary beds.

Potential to increase healthcare expenditureCompared with neighbouring Asian countries, Indonesia has one of the lowest

healthcare expenditures per capita. In 2009, Indonesia spent US$ 55 per capita

on healthcare, much lower than the other nearby developing countries, such

as Malaysia (US$ 337), China (US$ 169), Thailand (US$168), Vietnam (US $80) and

the Philippines (US$ 67). However, the country has great potential to increase

healthcare expenditure, given the healthcare expenditure as a % of GDP

remains low compared with other Asia countries.

Healthy and stable margin

SMMs gross margin is expected to remain healthy and stable at the level of

42%-43% during 2012-2015 projec tion periods on the back of 1) the

implementation of more effective medicine prescription policy; 2) expand more

Premium Beds to capture the higher margins segment associated with premier

hospital services; and 3) to consolidate medicine suppliers to achieve lower

average purchase prices for medicine and medical supplies. Meanwhile,

EBITDA is projected to grow by 16.2% p.a . CAG R reach to Rp 110.1 billion in

2015F with stable EBITDA margin at the level of 26%-27%.

Recording net profit, backed by strong operating profile

Given its strong operating profile, SMM will record a net profit of Rp 19.6 billion in

2012F from net loss position in 2009-2011 which was mainly due to the

establishment of SMI in 2007. The companys net profit is projected to jump by

43.8% p.a . CAG R reach to Rp 58.3 billion in 2015F with increases in net margin at

the level of 7%-14%, due to the payment of bank loan instalment until fully

repaid in 2015F.

Backed by highly extensive experienced management team

SMM is headed by Dr. Wartomo Prijosembodo, Sp. KJ - President Commissioner

who has 48 years extensive experience in healthcare industry, and Mr Noersing,

MBA President Direc tor. Noersing has 21 years extensive experience in Senior

Management positions both in the commercial sec tors and in banking. Strong

management team combining highly extensive experience and diversifiedbackground have helped shape SMM effective strategy, differentiating from its

competitors by undertaking operating initiatives to maximize its service level

and financial performance.

Fair Valuation ranging between Rp 523.9 billion to Rp 624.4 billion

We obtain SMMs fair equity value range based on PER comparables and DCF

analysis which is between Rp 523.9 billion to Rp 624.4 billion. SMMs equity value

translate into PER 2013F of 17.75x-21.16x and EV/EBITDA 2013F of 8.95x-10.16x.

Financial SummaryRp billion 2010A 2011A 2012F 2013F 2014F

Revenues 172.7 241.6 270.1 316.2 366.0

Growth 21.5% 39.9% 11.8% 17.1% 15.7%

EBITDA 32.3 63.6 70.2 82.4 97.8

Growth 45.3% 97.0% 10.4% 17.3% 18.7%

Net profit (24.9) (12.2) 19.6 29.5 46.3

Growth -14.9% -51.0% -260.8% 50.6% 57.0%

Net margin -14.4% -5.0% 7.3% 9.3% 12.7%

ROAA -7.7% -3.9% 6.7% 9.9% 15.2%

ROAE -120.8% -595.0% 340.6% 45.2% 33.5%Source: Company data and Lautandhana Research

Plea se see imp ortant d isclosures at the end of this rep ort


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PTSARANA MEDITAMA METROPOLITAN TBK DECEMBER 2012

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VALUATION

Valuation based on PER multiples

PER comparables

To obtain SMMs fair equity value, we use 2013F PER multiples of 22.19x as ourbenchmark which is based on a simple average of 4 Thailand listed companies, 2

Malaysia listed companies and 1 listed company from Singapore, India, Australia

and New Zealand, engages in health care service foc uses on hospital, such as:

Nonthavej Hospital PCL (NTV TB), Bumrungrad Hospital PCL (BH TB), Bangkok Dusit

Medical Services PCL (BGH TB), Bangkok Chain Hospital PCL (BCH TB), KPJ

Healthcare Bhd (KPJ MK), IHH Healthcare Bhd (IHH MK), Raffles Medical Group Ltd

(RFMD SP), Apollo Hospitals Enterprise Ltd (APHS IN), Ramsay Health Care Ltd (RHC

AU) and Acurity Health Group Ltd (AC Y NZ). We took regional listed companies as

PER comparables due to the absence of hospitals consensus in Indonesia. With

applied a discount of 20% of 2013F PER multiple, we generate SMMs equity value

of Rp 523.9 billion which implies PER 2013F of 17.75x and EV/EBITDA 2013F of 8.95x.

PER Comparables 2013FCompany Name Ticker Market Cap* PER (x) EV/EBITDA (x)

Indonesia

Sejahteraraya Anugrahjaya Tbk SRAJ IJ 227.8 n.a. n.a

Regional

Nonthavej Hospital PCL NTV TB 131.7 14.94 9.18

Bumrungrad Hospital PCL BH TB 1,804.4 24.03 14.23

Bangkok Dusit Medical Services PCL BGH TB 5,767.8 25.78 16.27

Bangkok Chain Hospital PCL BCH TB 604.7 19.91 11.68

KPJ Healthcare Bhd KPJ MK 1,246.2 21.62 12.64

IHH Healthcare Bhd IHH MK 8,691.4 35.65 18.00

Raffles Medical Group Ltd RFMD SP 1,146.8 21.97 15.83

Apollo Hospitals Enterprise Ltd APHS IN 2,097.6 29.62 15.10

Ramsay Health Care Ltd RHC AU 5,116.0 17.41 9.15

Acurity Health Group Ltd ACY NZ 70.1 11.00 7.25

Industry simple average 22.19 12.93

SMM Valuation based on PER Comparables

Discount to the market 20%

PER 2013F (x) 17.75

Equity value in Rp billion 523.9

EV/EBITDA 2013F(x) 8.95*) Market capitalization (US$ million)Closing price as of 6 December 2012Source: Bloomberg and Lautandhana Research

DCF Analysis

We also apply the discounted cash flow (DCF) method to obtain SMMs equity

value. We assume a WAC C of 10.8% and a terminal growth of 1%. Our WACCassumption is calculation with 5.5% risk free rate, 7.5% market risk premium and a

beta of 1. Based on DC F analysis, we generate SMMs equity value a t Rp 624.4

billion which translate into 21.16x PER 2013F and 10.16x EV/EBITDA 2013F.

DCF MethodsWACC calculation Valuation (x)

Risk free rate 5.5% Implied PE 2013F 21.16

Market risk premium 7.5% Implied EV/EBITDA 2013F 10.16

Beta 1.0

Cost of equity 13.0%

WACC 10.8%

Equity Value (In Rp billion)

Enterprise value 837.5Net debt (cash) 213.1

Equity value 624.4Source: Lautandhana Research


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DECEMBER 2012 PTSARANA MEDITAMA METROPOLITAN TBK

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Fair equity value range between Rp 523.9 billion Rp 624.4 billionBased on the methodologies as above, we obtain SMMs equity value ranging

between Rp 523.9 billion to Rp 624.4 billion which implies into PER 2013F of 17.75x-

21.16x and EV/EBITDA 2013F of 8.95x-10.16x.

Valuation Comparables Matrix

Company NameBloombergTicker

Market cap(US$ mn)

PER (x) PBV (x) EV/EBITDA (x)

13F 14F 13F 14F 13F 14F

Indonesia

Sejahteraraya Anugrahjaya Tbk SRAJ IJ 227.8 n.a. n.a. n.a. n.a. n.a n.a.

Regional

Nonthavej Hospital PCL NTV TB 131.7 14.94 n.a. 3.11 n.a. 9.18 n.a.

Bumrungrad Hospital PCL BH TB 1,804.4 24.03 21.52 6.14 5.41 14.23 12.60

Bangkok Dusit Medical Services PCL BGH TB 5,767.8 25.78 21.42 4.33 3.90 16.27 14.53

Bangkok Chain Hospital PCL BCH TB 604.7 19.91 17.19 4.48 4.03 11.68 10.29

KPJ Healthcare Bhd KPJ MK 1,246.2 21.62 18.91 3.40 3.04 12.64 11.01

IHH Healthcare Bhd IHH MK 8,691.4 35.65 28.03 1.46 1.40 18.00 14.99

Raffles Medical Group Ltd RFMD SP 1,146.8 21.97 18.62 3.42 3.06 15.83 13.47

Apollo Hospitals Enterprise Ltd APHS IN 2,097.6 29.62 23.41 3.66 3.20 15.10 12.13Ramsay Health Care Ltd RHC AU 5,116.0 17.41 15.55 3.23 2.92 9.15 8.44

Acurity Health Group Ltd ACY NZ 70.1 11.00 9.71 0.91 0.89 7.25 6.43

Industry average 22.19 19.37 3.41 3.09 12.93 11.54

Sarana Meditama Metropolitan 54.6-65.04 17.75-21.16 11.31-13.48 4.55-5.43 3.25-3.87 8.95-10.16 7.53-8.56Closing price as of 6 December 2012Source: Bloomberg and Lautandhana Research


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COMPANYPROFILEOVERVIEW

Leading privately-owned hospital in IndonesiaEstablished in 1972, Omni Hospital is a leading privately-owned hospital company

in Greater J akarta, Indonesia which provides a full range of premier hospital

services and the highest level of patient care. Omni hospitals are operated by PTSarana Meditama Metropolitan Tbk (SMM or the company) in Pulomas, East

J akarta and also operated by SMMs subsidiary, namely PT Sarana Meditama

International (SMI) located in Alam Sutera, Tangerang. In 2010, Omni hospitals are

accredited by the Ministry of Health for 16 medical services and certified as Class

B hospitals, the highest grade for private hospitals in Indonesia. Conveniently

located in Pulomas (East Jakarta) and Alam Sutera (West of J akarta Area), the

hospitals are highly accessible to patients located throughout North, Central and

East J akarta, which have a total population of 6.1 million.

Omni Hospital Location Shareholder Ownership

Source: Company data Source: Company data

History in Brief

Omni hospital commenced operation in September 1972 which was initiallyestablished as a non-profit medical organization in Pulomas that provided

psychiatric diagnosis and therapy to the local community. During its initial 16

years of operation, Omni hospitals grew organically and developed strong

relationships in the surrounding communities and built a loyal patient base.

In 1984, SMM was established and became the owner of Omni hospital. In 1988,

SMM started to strategically transform into a general hospital from a psychiatric

clinic to provide a full range of medical services.

In 2007, the new Omni hospital was founded in Alam Suteras area and operated

by SMI in order to capture the growing medical service demand in western part

of J akarta. In 2008, SMI formally established five c enters of excellence to provide

differentiated premier service.

The Milestone

Source: Company data


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Focused on five centers of excellenceBacked by 193 specialists, Omni hospitals offer a full range of inpatient and

outpatient services which are foc used on five centers of excellence, i.e.:

Neurosurgery, Cardiology, Orthopedics, Urology and Kawasaki Disease. Omni

hospitals also maintain particular strength in the three areas of Internal Medicine,

Pediatrics, and Obstetrics & Gynecology which is aimed to attrac t the majority ofpatient visit to the hospital.

The Services


The Facilities

Omni hospitals provide a full range of advanced technology and facilities for

diagnostic and therapeutic applications which comprises of 12 Intensive Care

Unit (ICU) beds, 7 operating theaters, 8 delivery rooms, laboratory, pharmacy,

imaging services and other medical equipment.

Specialized imaging services include Magnetic Resonance Imaging (MRI),

Multislice C omputed Tomography 64 Slices (MSCT 64 Slices), X-Ray, PantheroMicroscope, Laparoscopy with HDTV, Endoscopy, Neuron Endoscopy,

Arthroscopy, Bronchoscope, and Cystocopy. Specifically, the MRI machine is

among the most advanced of medical equipment of its kind in the Greater

J akarta area and patients are referred by other hospitals and clinics for MRI

scans.

Supported by other medical equipment, such as: such as a Hyperbaric Chamber,

Extra Shoc k Wave Lithotripsy (ESWL), Bone Mineral Densitometry, Cardiac Cath

Lab, Intra Operative Monitoring (IOM), C avitron Ultrasonic Aspirator (CUSA),

Navigation Stryker, enable Omni hospitals to provide a comprehensive treatments

for complex medical conditions

Currently, Omni hospitals have 246 beds, in which 77 units are Premium Beds. Thekey growth driver for the c ompany is the addition of Premium Beds, which

occupy more space and generate higher revenue and profits than ordinary

beds. In J une 2012, the bed occupancy rate (BOR) of premium beds in SMM was

running at 63.3% BOR while SMIs premium bed was running at 81.5% BOR.

Bed Statistic The BOR

As of June 2012Source: Company data



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Target the middle and upper-middle segment in Greater Jakarta area

Since it was first established in 1972, Omni hospitals have penetrated its

surrounding communities and developed strong ties with its patient base. As a

premier hospital services provider, Omni hospitals target the middle and upper-

middle c lass market segment in Greater Jakarta area, which is growing rapidly as

Indonesias economy expands and attrac ts investment and J akarta furtherbenefits from the continuing trends in urbanization. In 2007, the new Omnis

hospital (operated by SMI) was designed and equipped with modern facilities in

order to attract customers from a variety of channels. Hence, SMM classifies its

patients into 4 categories, i.e.:

Local Communities

The hospital primarily target patients from c ommunities within 10 kilometres

of SMM and SMI. SMM primarily serves patients from Pulomas, Cempaka

Putih, Kelapa Gading, Kemayoran, and Sunter, while SMI primarily targets

patients from Alam Sutera, Gading Serpong, Graha Raya, Villa Melati Mas,

and Bumi Serpong Damai. Management estimates that the primary service

area has a combined population of 6.1 million residents and nearly 18,000

businesses.

Corporate C ustomers

The hospital has established relationships with large multi-nationalcompanies in Indonesia, such as Petrochina, Asahimas, and PAMA. The

Company offers special packages to these large corporations to

encourage loyalty and capture a high share of their employees hospital

needs.

Insuranc e Companies

The company believes the increase of medical insurance coverage in

Indonesia will be a major trend in the countrys healthcare system. Therefore

the Company targets to acquire patients covered by insurance by building

and expanding relationships with the insuranc e companies.

Special Communities

Special communities are groups of individuals who suffer from common

diseases, such as kidney failure, kawasaki disease, or diabetic. The hospital

provides specific diagnostics and treatments to these patients and providesthem with support as if they comprise their own special communities.

Marketing Initiatives

Omni hospitals have tailored its high-impact marketing initiatives through tactical

promotions for individual customers, as well as incentive programs or packages

for corporate customers and insuranc e companies. Complementary to traditional

advertising and marketing channels, Omni hospitals also utilizes high profile social

events such as doctor seminars and outdoor activities to promote and strengthen

its brand appeal. Omni hospitals have a corporate social responsibility initiative

through which it sponsors community medical check-ups and special events as

part of its patient retention program.

Marketing Initiatives



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Backed by highly extensive experience management teamSMM is backed by highly experienced and dedicated executive management

team. Dr. Wartomo Prijosembodo, Sp. KJ as President Commissioner has 48 years

extensive experience in healthcare industry, while Mr Noersing, MBA President

Director has 21 years extensive experience in Senior Management positions both

in the commercial sectors and in banking. Others members of the board ofdirectors such as Dr. Raymond Oenleng, MARS and Dr. Maria Theresia Yulita are

experienced doctor which have extensive knowledge in healthcare industry from

their prior working experience; while Mr Hassan Themas - Non Affiliated Finance

Director, has 23 years extensive experience in accounting industry. SMMs strong

management team combining highly extensive experience and diversified

background have helped shape SMM effec tive strategy, differentiating it from its

competitors by undertaking operating initiatives to maximize its service level and

financial performance.

Mitra Keluarga Kelapa Gading and Siloam Karawaci are the closest competitorOmni hospitals local competition in the Greater J akarta a rea includes 19 full-

service private hospitals. The closest competing hospitals of SMM and SMI are

Mitra Keluarga Kelapa Gading and Siloam Karawaci, respectively. Mitra Keluarga

Kelapa Gading, located North Jakarta, is a member hospital of Mitra Keluarga

Group. Siloam Karawaci, located in Tangerang, is a member hospital of Siloam

Hospital.

Competitor


Strong market presenceBased on the bed capacity, Omni hospitals ranked at 4thplace which owns 11%

market share, among the key operators. Mitra Keluarga is the leader market share

by 29% which is followed by Ramsay and Siloam with market share of 12%,

respec tively.

Market Share - bed capacity



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FINANCIALOVERVIEW

Increasing premier services facility to satisfy significant unmet demandAs a premier hospital services provider, Omni hospitals target the middle and

upper-middle class market segment in Greater Jakarta, which is growing rapidly

as Indonesias economy expands and attrac ts investment and J akarta furtherbenefits from the c ontinuing trends in urbanization. Currently, there are

approximately 125 hospitals in the Greater J akarta, however, only 21 hospitals are

commercially owned and managed to fulfil the needs of upper-middle class

market segment.

As of J une 2012, the hospitals have 77 premium beds at its two loc ations with the

average BOR of premium beds are at average 69.9%, much higher than the

average BOR for standard beds, which is 65.1%. In 2013F, the company plans to

add 18 Premium beds in its subsidiary (SMI) which is aimed to satisfy the unmet

needs for premier services. The total investment of its new premium beds are

estimated amount to US$ 1.88 million. This expansion will increase the companys

ability to attrac t and service the growing middle and upper-middle class market

as well as to attract and retain top specialists and medical staff who enjoy theability to work in world c lass facilities.

The company is also focused to continuously develop the five centers of

excellence comprises of Neurosurgery, Cardiology, Orthopedics, Urology and the

Kawasaki Disease. SMM also plans to upgrade its medical equipment, improve

the existing hospital programs and pursue the expansion of new programs.

AssumptionPeriod 2009 2010 2011 Jun-12 2012F 2013F 2014F 2015F CAGR*

Number of Premium Bed

SMM 31.0 30.0 49.0 49.0 49.0 49.0 49.0 49.0 0.0%

Super VIP 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 0.0%

VIP 22.0 21.0 40.0 40.0 40.0 40.0 40.0 40.0 0.0%

.

SMI 28.0 28.0 28.0 28.0 28.0 46.0 46.0 53.0 23.7%

Super VIP 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 0.0%

VIP 26.0 26.0 26.0 26.0 26.0 44.0 44.0 51.0 25.2%

Total Premium Bed 59.0 58.0 77.0 77.0 77.0 95.0 95.0 102.0 9.8%

.

BOR**

SMM

Super VIP 51.5% 63.3% 55.5% 65.0% 52.3% 55.8% 58.8% 62.5%

VIP 65.7% 67.7% 62.7% 62.9% 60.6% 63.6% 66.8% 69.5%.

SMI

Super VIP 48.4% 76.8% 80.8% 81.0% 80.8% 80.8% 80.8% 80.8%

VIP 40.3% 64.6% 76.0% 81.6% 79.1% 61.2% 61.3% 52.0%

Average BOR 51.5% 68.1% 68.8% 69.9% 68.2% 65.4% 66.9% 66.2%*) 2012F-2015F**) The bed occupancy rateSource: Company data & Lautandhana Research

Revenue to increase 16.0% p.a. CAGR

During 2012F-2015F period, SMMs total revenue is expected to increase by 16.0%

p.a. CAG R from Rp 270.1 billion to Rp 421.2 billion on the back of 1) the

favourable market dynamics; 2) the increasing number of premium beds; and 3)

the general migration by consumers to more premier services. During the

projection period, we note that the ancillarys revenue is the higher proportion of

its total revenue which focuses on the five centers of excellence and pharmacy

sales. Revenue from ancillary is projec ted to grow 16.7% p.a. CAGR from Rp 159.3

billion in 2012F to Rp 253.1 billion in 2015F. In addition, the c ompanys total

revenue is mainly driven by its subsidiary performance, SMI, which is in a stage orrapid development while SMM is a more stable and mature business.


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RevenuePeriod 2009 2010 2011 Jun-12 2012F 2013F 2014F 2015F CAGR*

Revenues (Rp billion)

Ancillary 73.1 88.2 130.9 78.0 159.3 187.4 218.9 253.1 16.7%

Inpatient 20.6 30.2 49.0 26.9 62.5 72.8 82.4 93.9 14.5%

Outpatient 11.0 8.4 13.3 6.7 20.1 23.9 28.3 33.2 18.3%Medical Check Up 18.8 22.2 16.6 1.6 4.3 5.1 6.0 7.1 18.5%

Others 21.7 29.6 40.2 21.3 33.2 38.1 43.5 49.3 14.0%

Treatment discount (3.1) (5.8) (8.4) (4.0) (9.3) (11.2) (13.2) (15.4) 18.3%

Total 142.1 172.7 241.6 130.6 270.1 316.2 366.0 421.2 16.0%.

Revenue Portion

Ancillary 51.4% 51.1% 54.2% 59.7% 59.0% 59.3% 59.8% 60.1%

Inpatient 14.5% 17.5% 20.3% 20.6% 23.2% 23.0% 22.5% 22.3%

Outpatient 7.8% 4.8% 5.5% 5.1% 7.4% 7.6% 7.7% 7.9%

Medical Check Up 13.2% 12.8% 6.9% 1.2% 1.6% 1.6% 1.6% 1.7%

Others 15.3% 17.1% 16.6% 16.3% 12.3% 12.1% 11.9% 11.7%

Treatment discount -2.2% -3.4% -3.5% -3.0% -3.4% -3.5% -3.6% -3.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

*) 2012F-2015F**) The bed occupancy rateSource: Company data & Lautandhana Research

Healthy gross margin

We expec t that SMMs gross profit will grow by 16.8% p.a. CAGR over the next

three years which attains to Rp 182.0 billion by end of 2015F. Meanwhile, SMMs

gross margin is expected to remain healthy and stable at the level of 42%-43%

during 2012-2015 projec tion periods due to the following cost efficiencys initiative

programs:

the implementation of Formularium (more effective medicine prescription

policy through reducing the number, type and c entralizing its medicine

sourcing);

to add more Premium Beds to capture the higher margins segment

assoc iated with premier hospital services;to consolidate medicine suppliers (focused on 7 biggest suppliers from

approximately 100 suppliers) in order to achieve lower average purchase

prices for medicine and medical supplies.

Gross Margin

Source: Company data and Lautandhana Research

EBITDA grow 16.2% p.a. CAGRAs a result of the companys proposed expansion, EBITDA is projected to grow by

16.2% p.a CAGR reach to Rp 110.1 billion in 2015F with stable EBITDA margin at

the level of 26%-27%. Meanwhile, operating profit is also expected to advance

by 22.7% p.a. CAGR from Rp 43.7 billion in 2012F to Rp 80.9 billion in 2015F, backed

by operating cost efficiency through better utilization of marketing efforts andother operational resources which generates higher operating margin between

16%-19%.

40.8

56.9

103.3

114.3

134.6

159.0

182.0

28.7

32.9

42.8 42.3 42.643.4 43.2

15.0

20.0

25.0

30.0

35.0

40.0

45.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2 00 9 2 01 0 2 01 1 2 0 12 F 2 01 3F 2 0 14 F 2 01 5F

%

Rpbillion

Grossprofit Grossmargin RHS

CAGR=16.8%p.a.


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Operating margin EBITDA margin

Source: Company data and Lautandhana Research Source: Company data and Lautandhana Research

Recording net profit, backed by strong operating profile

Given its strong operating profile, we forecast that SMM will record a net profit of

Rp 19.6 billion in 2012F from its net loss position during 2009-2011 which wasprimarily due to the establishment of SMI in 2007. The companys net profit is

projected to jump by 43.8% p.a. CAGR reach to Rp 58.3 billion in 2015F with

increases in net margin at the level of 7%-14%, due to the payment of bank loan

instalment until fully repaid in 2015F.

Net margin


Healthier balance sheet

In 2009 and 2010, SMMs debt equity ratio (DER) was at higher level between 7.6x-

32.9x due to the establishment of SMI in 2007. It was reasonable since SMI needed

more funding source, primarily from banking loan (Rp 201.8 billion in 2009 and Rp

194.3 billion in 2010) to operate the new Omni hospital located in Alam Suterastarted in 2008, in our view. With the proposed IPO, the companys equity will

improve this year which will further improve its balance sheet, i.e.: lower DER and

net DER. SMMs DER is projected to dec rease gradually become 14.17x in 2012F,

1.29x in 2013F, 0.54x in 2014F and 0.18x in 2015F.

Balance Sheet (Rp billion)Period 2009 2010 2011 Jun-12 2012F 2013F 2014F 2015F CAGR*

Interest bearing debt 249.2 267.7 253.6 230.7 220.4 148.0 86.5 37.4 -44.6%

Equity 33.0 8.1 (4.0) 8.7 15.6 115.1 161.4 212.7 139.1%

Cash and cash equivalent 8.5 9.4 8.8 7.4 5.9 18.1 22.6 15.9 39.3%

Debt to equity (x) 7.55 32.88 (62.69) 26.45 14.17 1.29 0.54 0.18

Net debt to equity (x) 7.29 31.72 (60.51) 25.60 13.79 1.13 0.40 0.10*) 2012F-2015FSource: Company data and Lautandhana Research

(3.3)

6.0

36.1

43.7

54.6

70.4

80.9

(2.3)

3.5

14.916.2

17.3

19.2 19.2

(5.0)

5.0

10.0

15.0

20.0

25.0

(10.0)

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2 00 9 2 01 0 2 01 1 2 01 2F 2 01 3F 2 01 4F 2 01 5F

%

Rpbillion

Operatingprofi t Ope rati ngmarginRHS

CAGR=22.7%p.a.

22.2

32.3

63.670.2

82.4

97.8

110.1

15.6

18.7

26.3 26.0 26.126.7

26.1

5.0

10.0

15.0

20.0

25.0

30.0

20.0

40.0

60.0

80.0

100.0

120.0

2 00 9 2 0 10 2 01 1 2 01 2F 2 0 1 3F 2 0 1 4F 2 0 1 5F

%

Rpbillion

EBITDA EBITDAmargin RHS

CAGR=16.2%p.a.

(29.2)(24.9)

(12.2)

19.6

29.5

46.3

58.3

7.3

9.3

12.7

13.8

(10.0)

(7.5)

(5.0)

(2.5)

2.5

5.0

7.5

10.0

12.5

15.0

(40.0)

(30.0)

(20.0)

(10.0)

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2 00 9 2 01 0 2 01 1 2 01 2F 2 01 3F 2 01 4F 2 01 5F

%

Rp

billion

Netprofit (loss) NetmarginRHS

CAGR=43.8%p.a.


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INDUSTRYOVERVIEW

Indonesia Market OverviewIndonesia is one of the fastest growing countries in Southeast Asia with a total

population of 238 million in 2010. As the countrys capital city and economic

centre, J akarta is the most populous city in Indonesia and Southeast Asia, andranks as the 13th largest in the world. In 2010, population of the Greater Jakarta

area , which includes J akarta, Tangerang, Depok, Bogor and Bekasi, reached 27.9

million, representing a 10-year CAGR of 3.6% p.a..

Indonesias population of persons over 60 years old was 8.2% of the total

population in 2010, up from 6.1% in 1990. This segment is estimated to grow to

15.7% by 2030 and the growth of this older segment is expected to drive a

significant increase in hea lthcare expenditure over the long-term.

The rapid growth of the Indonesian economy in the past few years has improved

the income of all segments of the population. The average income per capita

rose to US$ 2,607 in 2010 from less than US$ 1,410 five years ago. Middle c lass in

Indonesia, defined as people with disposable household income of US$ 5,000 toUS$ 15,000 per annum, is expected to grow from 36% of the total population in

2010 to over 58% by 2020, representing an annual increase in the middle c lass of

seven million people. As the largest and most developed city in Indonesia,

Greater J akarta has the largest proportion of the middle class population and

therefore has a higher demand for premier hospital services. J akartas regional

GDP per capita has grown at 5-year CAGR of 13.2% p.a. to US$ 10,520 in 2010.

Historical and Projected Age Distribution in Indonesia

Source: Company data and World Population Prospects: The 2010 Revision, United Nations

Potential to increase healthcare expenditureDespite the strong economic growth, when compared with neighbouring Asian

countries, Indonesia has one of the lowest healthcare expenditures per capita. In

2009, Indonesia spent US$ 55 per capita on healthcare, much lower than the

world average of US$ 854. As compared with other nearby developing countries,

Indonesia hea lthcare expenditure is significantly less than Malaysia (US$ 337),

China (US$ 169), Thailand (US$ 168), Vietnam (US$ 80) and the Philippines (US$ 67).

However, the country has great potential to increase healthcare expenditure,given the healthcare expenditure as a % of GDP remains low compared with

other Asia countries.

Per Capita Total Health Expenditure by Country Total Health Expenditure - % of GDP by Country

Source: Company data and World Health Organization Source: Company data and World Health Organization


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12

Divided into public hospital and private hospital

The number of hospital in Indonesia has grown in the past five years from 1,245 in

2005 to 1,330 in 2010, representing a 6.8% increase over the period. Indonesian

hospitals can be divided into two categories: public hospitals and private

hospitals. Public hospitals are managed by the Indonesian government which

aims to provide basic hospital service primarily to the lower income population.Private hospitals are comprised of:

i) Social community hospitals which are owned by religious groups, non-government organizations and other non-profit groups, serving the middle

to low market segment;

ii) Commercial hospitals like Omni hospital that typically offer a wide range ofcomprehensive, high quality and more expensive hospital services primarily

to the middle c lass population.

Indonesia Hospital Breakdown by Ownership


Facing various challenges in hospital industry

Despite the growth dynamics, the current Indonesia hospital industry is facing

various challenges as follows:

Limited Middle to High End Hospital Services

According to the Ministry of Health, more than 100,000 Indonesians go

abroad every year to seek medical assistance due to the lack of reliableand high quality domestic hospital service. Primarily consisting of the middle

to upper-class population, these patients have contributed approximately

US$600 million annua lly to the foreign hospital service market since 2003. This

represents a significant market opportunity for middle to high level hospital

service providers in the Greater J akarta area.

Inadequate Medical Facilities and Equipment

Indonesia has one of the lowest beds to population ratio among Asian

countries. With six beds per 10,000 inhabitants, most hospitals are generally

overcrowded. Additionally, most non-profit organizations, public hospitals

and social community hospitals in Indonesia do not have the capital

necessary to upgrade their facilities and equipment. Many hospitals are

short of specialized medical equipment, presenting problems for both

pa tients and physicians. As a result, many clinics and hospitals refer pa tients

with complex conditions to better equipped medical centers for diagnostics

and treatment.

Bed to Population Ratio by Country

Source: Company data and World Health Organization


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Shortage of Medical StaffDensity of medical staff in Indonesia is also low compared with other

developing Asian countries. Physician density of 2.88 per 10,000 inhabitants

is much lower than the world average of 14 physicians per 10,000

inhabitants, putting great pressure on the healthcare system.

Healthcare Workforce Density

Source: Company data and World Health Organization

High Turnover of Specialists

In Indonesia, most spec ialists work as pa rtners rather than employees of

hospitals. With SIPs (Prac tice Licenc es) issued by the Ministry of Hea lth, a

spec ialist may simultaneously work for a maximum of three hospitals. This

unique dynamic coupled with limited supply of specialists result in the high

specialist turnover and therefore increases the competition among hospitals

to retain leading specialists.

Management Structure

Based on the regulation of Health Ministry, Indonesian hospitals are

managed directly by authorized doctors. This regulation excludes

professional commercial management from most care facilities and can

result in inefficiency.


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APPENDIXI.SARANAMEDITAMAMETROPOLITANFINANCIALHIGHLIGHTS

PROFIT AND LOSS

Period (Rp bln) 2010 2011 2012F 2013F 2014F 2015F

Revenues 172.7 241.6 270.1 316.2 366.0 421.2Direct cost 115.8 138.3 155.8 181.6 207.0 239.2

Gross profit 56.9 103.3 114.3 134.6 159.0 182.0

Operating expenses 50.9 67.2 70.6 79.9 88.6 101.1

Operating profit 6.0 36.1 43.7 54.6 70.4 80.9

EBITDA 32.3 63.6 70.2 82.4 97.8 110.1

Other Income / (Expenses) (34.9) (29.1) (17.6) (15.3) (8.7) (3.2)

Interest expenses (34.3) (30.7) (18.0) (15.9) (9.7) (4.1)

Interest income & others (0.5) 1.6 0.4 0.6 1.0 1.0

Pre-tax profit (loss) (28.9) 7.0 26.1 39.3 61.8 77.7

Tax income (expenses) 4.0 (19.2) (6.5) (9.8) (15.4) (19.4)

Non-controlling interest - 0.0 0.0 0.0 0.0 0.0

Net profit (loss) (24.9) (12.2) 19.6 29.5 46.3 58.3Source: Company data and Lautandhana Research

BALANCE SHEET

Period (Rp bln) 2010 2011 2012F 2013F 2014F 2015F

ASSETS 320.4 302.9 282.9 310.3 301.1 309.7

Current Assets

Cash and cash equivalents 9.4 8.8 5.9 18.1 22.6 15.9

Trade receivables 20.1 21.4 20.3 30.3 35.3 40.8

Inventories 6.5 8.5 11.9 19.0 22.2 25.7

Other current assets 2.2 4.2 4.8 5.1 6.3 7.2

Total Current Assets 38.2 43.0 42.9 72.5 86.4 89.6

1.0

Non-Current Assets

Fixed assets 267.6 257.3 234.3 230.7 207.6 213.0Others non-current assets 14.6 2.6 5.7 7.1 7.1 7.1

Total Non-Current Assets 282.2 259.9 240.0 237.8 214.7 220.1

1.0

LIABILITIES AND EQUITY 320.4 302.9 282.9 310.3 301.1 309.7

Current Liabilities

Short term bank loan 12.4 - - - - -

Trade payables 22.7 24.2 16.1 14.7 17.2 19.9

Current maturities of LT bank loan 14.8 29.2 37.4 37.4 37.4 37.4

Shareholder loan 61.0 74.7 70.6 35.6 11.6 -

Other current liabilities 12.4 17.4 20.5 22.0 25.1 29.0

Total Current Liabilities 123.3 145.4 144.7 109.8 91.4 86.4

1.0

Non-Current Liabilities

Long term Loan - net 179.5 149.8 112.3 74.9 37.4 -

Other non-current liabilities 9.5 11.8 10.4 10.5 10.9 10.6

Total Non-Current Liabilities 188.9 161.5 122.7 85.4 48.3 10.6

1.0

Equity

Capital Stock & PIC 100.0 100.0 100.0 170.0 170.0 170.0

Others (34.4) (34.4) (34.4) (34.4) (34.4) (34.4)

Retained earnings (57.5) (69.7) (50.1) (20.6) 25.7 77.1

Total Equity 8.1 (4.0) 15.6 115.1 161.4 212.7

1.0

Non-controlling interest - (0.0) (0.0) (0.0) (0.0) (0.0)



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APPENDIX I Contd

CASH FLOWPeriod (Rp bln) 2010 2011 2012F 2013F 2014F 2015F

Net profit (loss) (24.9) (12.2) 19.6 29.5 46.3 58.3Depreciation & Amortization 26.3 27.5 26.5 27.8 27.4 29.3

Change in WC (2.0) (1.9) (10.3) (18.5) (5.7) (6.3)

Others 0.4 3.0 2.6 1.3 1.8 3.1

Net Operating Cash Flow (0.2) 16.4 38.3 40.0 69.9 84.3

Change in fixed assets - net (11.5) (17.2) (3.5) (24.1) (4.4) (34.7)

Others (5.5) 12.0 (3.2) (1.4) - -

Net Investing Cash Flow (17.0) (5.2) (6.6) (25.5) (4.4) (34.7)

Change in borrowings - net 18.5 (14.1) (33.2) (72.4) (61.4) (49.1)

Change in equity - - - 70.0 - -

Dividend payment - - - - - (6.9)

Others (0.4) 2.3 (1.4) 0.2 0.4 (0.3)

Net Financing Cash Flow 18.1 (11.8) (34.6) (2.3) (61.1) (56.3)

Change in cash 0.9 (0.6) (2.9) 12.3 4.5 (6.7)

Cash at the beginning period 8.5 9.4 8.8 5.9 18.1 22.6

Cash at the ending period 9.4 8.8 5.9 18.1 22.6 15.9Source: Company data and Lautandhana Research

KEY FINANCIAL RATIOPeriod 2010 2011 2012F 2013F 2014F 2015F

Growth (%)

Revenues 21.50 39.89 11.82 17.06 15.74 15.09

Gross profit 39.32 81.60 10.67 17.73 18.15 14.45

Operating Profit (283.28) 500.12 21.13 24.92 28.89 14.80

EBITDA 45.34 97.04 10.37 17.32 18.75 12.56

Net profit (loss) (14.92) (50.97) (260.82) 50.56 56.96 25.81

Profitability (%)

Gross margin 32.94 42.76 42.32 42.56 43.45 43.21

Operating margin 3.48 14.95 16.19 17.28 19.24 19.20

EBITDA margin 18.70 26.34 26.00 26.06 26.74 26.15

Net profit margin (14.40) (5.05) 7.26 9.33 12.66 13.83

ROAA (7.71) (3.91) 6.69 9.95 15.15 19.08

ROAE (120.84) (594.99) 340.60 45.18 33.51 31.15

Solvency (x)

Current ratio 0.31 0.30 0.30 0.66 0.95 1.04

Quick ratio 0.26 0.24 0.21 0.49 0.70 0.74DER 32.88 (62.69) 14.17 1.29 0.54 0.18

Interest coverage 0.18 1.18 2.43 3.44 7.27 19.63

EBITDA coverage 0.94 2.07 3.91 5.18 10.10 26.74

Net debt to equity 31.72 (60.51) 13.79 1.13 0.40 0.10Source: Company data and Lautandhana Research


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APPENDIX II

II.1 The Board of Commissioners and Direc tors

A Brief Biography of NELY Commissioners and Director

Name Position RemarksDr. Wartomo Prijosembodo,Sp. KJ

PresidentCommissioner

An Indonesian citizen, appointed as President Commissioner since October 2012. Currently, he also serves asTreasurer of Kesehatan Jiwa Dharmawangsa Foundation since 1964, Psychiatry Doctor at Omni HospitalPulomas since 1972, and as Commissioner of PT Sarana Meditama International since 2010. Previously, heserved as Deputy Director of Sanatorium Dharmawangsa (1964 - 1968), Director of Sanatorium Dharmawangsa(1968 - 1973), Deputy Director of Sanatorium Dharmawangsa (1974 1998); FK Psychiatry at University ofIndonesia (1966 1994), Director of Majalah Jiwa (1970 1973), President Director of Omni Hospital Pulomas(1974 2005), President Director of PT Sarana Meditama Metropolitan Jakarta (September 1996 - February2003), Commissioner of PT Sarana Meditama International (May 2005 March 2006), Commissioner of PTSarana Meditama Metropolitan (December 2005 September 2012). He holds General Practitioner Degreefrom University of Indonesia in 1962, Psychiatry degree from University of Indonesia in 1966 andPsychotheraphy from West Berlin Hospital in 1974.

Dr. Henry Naland, Sp. B(K)Onk

Commissioner An Indonesian citizen, appointed as Commissioner since October 2012. Currently, he also serves as SpecialistsSurgical Oncology at Omni Medical Center since 1988 and Specialist Physician Surgical Oncology in PremierHospital Jatinegara since 1988. He previously served as a General Practitioner in HKBP Hospital - Balige (1971- 1976) and at RSUP in Dili, East Timor (1985 - 1986), Physicians Surgeons Oncology in Persahabatan Hospital(1988-1994). He holds General Practitioner degree from University of Indonesia in 1972, Education SpecialistSurgery of Arztekammer Nordrhein, West Germany in 1983 and the Medicine Department of Surgery Tumofrom University of Indonesia in 1988.

Drs. Herbudianto, Ak IndependentCommissioner

An Indonesian citizen, appointed as Independent Commissioner since October 2012. He previously servedamong others as Head of Accounting Standards and Inspection Service Business Bureau Rating of CorporateFinancial Services Sector Capital Market Supervisory Agency (Bapepam) - the Ministry of Finance of theRepublic of Indonesia (1991-1997), Head of the Community Development Bureau Accountants AccountingStandards and Disclosure, Supervisory Board Capital Markets (Securities and Exchange Commission), Ministryof Finance of the Republic of Indonesia (1997-2000), Head of Development and Formulation of AccountingStandards Accounting Standards Bureau and the openness of the Capital market Supervisory Agency(Bapepam) - the Ministry of Finance of the Republic of Indonesia (2000-2002), Head of Business Servicestrade, Transportation, and Tourism Bureau of Assessment Services Sector Corporate Finance, Capital MarketSupervisory Agency (Bapepam) - the Ministry of Finance of the Republic of Indonesia (2002-2006), Head ofCorporate Valuation Services Bureau of Non-Financial Services Sector Assessment Corporate Finance, CapitalMarket Supervisory Board & Financial Institution (Bapepam-LK) - Ministry of Finance Republic of Indonesia(2006 - September 2012). He graduated from Gajah Mada University, Jogjakarta in 1984 with Economicdegree major in Accounting.

Noersing, MBA PresidentDirector

An Indonesian citizen, appointed as President Director since 2010. He graduated from TarumanagaraUniversity in 1991 with Economic degree majoring Accounting, Management Magister from IPMI GraduateBusiness School in 2000 and Master of Business Administration from Monash University, Melbourne Australia, in 2000. Previously, he served as Associate Manager in Arthur Andersen & Co. (1991 - 1995), GroupFinancial Controller of The Lion Group Indonesia Region (1995 1999), Chief Financial Officer in KIA CeramicsGroup of Companies (2000 2003), Chief Financial Officer PT Bank Commonwealth (2003 2005); Director ofSales and Services PT Bank Commonwealth (2006 2007) and as President Director of PT Bank Commonwealth(2008 2009).

Dr. Raymond Oenleng, MARS Director An Indonesian citizen. He graduated from University of Christian Indonesia in 1989 with General Practitionerdegree, Management Magister majoring in Hospital Administration from University of Indonesia in 2009.Appointed as Director since August 2012. Currently, he also serves as Director of Omni Hospital Pulomas since

August 2012. Previously, he served as Medical Staff Coordinator at Hospital Pantai Indah Kapuk (1998 -2008), Assistant Manager Clinic at Hospital Pantai Indah Kapuk (2009 - 2011) and Deputy Director of MedicalPulomas OMNI Hospital (2011 - July 2012).

Dr. Maria Theresia Yulita Director An Indonesian citizen, appointed as Director since October 2012. She holds General Practitioner degree fromTarumanagara University in 1993, Medical Professional Education from Airlangga University, Surabaya in 1994.Currently, she also serves as Director of Omni Hospital Alam Sutera, Tangerang since 2011 and as Director ofPT Sarana Meditama International, Tangerang since September 2011. Previously, she served as Doctor ClinicHotel Aston Atrium (1994 - 1996), Manager Medical Support at Mitra Kemayoran Hospital, Jakarta (1997 -1998), Doctor of Physician Health Center (Puskesmas) in PKM West Kedaung, Tangerang (1998 - 2001),Director of PT Cipta Publika Home (November 2002 - April 2009), Director of Omni Hospital Pulomas (2007 -2011) and as Director of PT Sarana Meditama Metropolitan (2009-2011).

Hassan Themas Non AffiliatedDirector

An Indonesian citizen, appointed as Non Affiliated Director since 2012. He studied at TarumanagaraUniversity, Jakarta majoring Accounting (1985 - 1989). Previously, he served as an Assistant in the Office ofPublic Accountants Drs. Johan Malonda & Partners (1989 - 1990), Public Accountant Prasetio Utomo & Co.

(1991-1995), Group Corporate Finance Manager of Surya Dumai Group (1995 - 1997), Director Uniseraya Group(1998 - 2002), Country Financial Controller Phillips Foods Asia Inc (2003 - 2007), Director of PT

Keramika Indonesia Assosiasi Tbk (2008 - 2011).



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APPENDIX II Contd

II.2 Facility and Equipments

SMM SMI


II.3 Five Centers of Excellent

Orthopedics Center Kawasaki Center


Neurosurgery Center



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APPENDIX II Contd

II.3 Five Centers of Excellent Contd

Cardiology Center Urology Center



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PT Lautandhana SecurindoWisma KEIAI 15thFloor

Jl. Jendral Sudirman Kav. 3Jakarta 10220

Tel : +6221 5785 1818Fax : +6221 5785 1717

BRANCH OFFICE

Pluit Kelapa Gading

Kawasan CBD Pluit Blok A No.20 Sentra Bisnis Artha GadingJl. Pluit Selatan Raya No.1 Blok A6B Kav. 7 Kelapa Gading Barat

Jakarta 14440 Jakarta Utara 14240Tel : +6221 666 75 345 Tel : +6221 458 56 402Fax : +6221 666 75 234 Fax : +6221 458 73 961

Mangga Dua KarawaciMangga Dua Square Blok F No.23 Karawaci Office Park Blok L No. 29-30Jl. Gunung Sahari Raya No.1 Lippo Karawaci Tangerang

Jakarta 14420 Banten 15115Tel : +6221 623 13 288 Tel : +6221 557 70 718Fax : +6221 623 11 365 Fax : +6221 557 70 719

Gading Serpong Surabaya

Ruko Paramount Centre Blok A No. 2 Jl. Diponegoro 48D-EJl. Raya Kelapa Dua, Tangerang Surabaya 60264

Banten 15810 Tel : +6231 562 3555Tel : +6221 290 14 800 / 290 14 731 Fax : +6231 567 1398

Fax : +6221 290 14 656

Bandung PalembangKomplek Paskal Hypersquare Blok C No. 15 Ruko Hotel Anugerah

Jl. Pasir Kaliki No.25-27 Jl. Jend Sudirman No. 149/7Bandung 40181 Palembang 30116

Tel : +6222 860 61 027 Tel : +62711 365 530Fax : +6222 860 60 684 Fax : +62711 368 234

Medan

Jalan Kartini No.5Medan 20152

Tel : +6261 451 8855Fax : +6261 451 6836

DISCLAIMER

This report has been prepared by PT. Lautandhana Securindo on behalf of itself and its affiliated companies and is provided for informationpurposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has

been produced independently and the forecasts, opinions, and expectations contained herein are entirely those of PT. Lautandhana

Securindo.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,PT. Lautandhana Securindo makes no representation as to its accuracy or completeness and it should not be relied upon as such. This

report is provided solely for the information of clients of PT. Lautandhana Securindo who are expected to make their own investment

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