KEY HIGHLIGHTS
- 1H26 revenue +8.5% YoY to IDR 1.11Tn (47.5% of BBG FY26F, 48.2% of ours — on pace); 2Q26 +12.7% YoY to IDR 613Bn. Mix is improving at the test level: esoteric +19.5% and non-laboratory +16.4% vs routine +10.0%, lifting esoteric to 24.4% of revenue (+1.4pp). That is the higher-value end of the menu.
- But the growth is all referral, not walk-in: walk-in revenue flat at +0.1%, external referrals +24.2%, corporate clients +19.0%, doctor referrals +14.0%. Walk-in is down to 30.0% of revenue from 33.8%. Referral and corporate work carries contracted pricing, so the channel shift is a structural margin headwind even as volumes rise.
- 2Q26 opex +16.3% ran ahead of revenue +12.7% (opex ratio +1.4pp to 46.3%), so operating income rose only 8.2% to IDR 70Bn and the margin slipped 0.5pp to 11.5%; EBITDA fell 1.0% to IDR 131Bn as D&A declined 9.8%. Below the line, finance income -31.5% to IDR 8Bn and an associate loss of IDR 2.7Bn left 2Q26 PATMI -3.9% YoY to IDR 60Bn. 1H26 PATMI +11.3% flatters, against a 1Q25 that carried an operating loss.
- Key Takeaway: revenue is on pace but profit is behind on both benchmarks — 30.4% of BBG FY26F and only 20.8% of ours, vs a 33.7% seasonal share. Calibration matters: our FY25 revenue forecast was almost exact, but our FY25 net profit forecast of IDR 367Bn compares with IDR 207Bn actual, and our FY26 sits 46% above BBG (single contributor on every line). Also note a 1H25 restatement lands entirely in derived 2Q25, so only operating margin is comparable YoY. Net cash IDR 908Bn; ~7.0x FY26F P/E and 2.6x EV/EBITDA on our numbers. Key watch: whether the referral mix keeps outgrowing walk-in, since that decides if operating leverage ever appears.
Regards, Aldiracita Research
