Rancak Media – JAKARTA — Amidst positive performance projections for hospital issuers in the upcoming year 2026, analysts are offering an optimistic outlook for several related stocks.
Among these financial institutions, BRI Danareksa Sekuritas stands out. In its research report dated November 20, 2025, BRI Danareksa Sekuritas assigned an overweight outlook to the entire healthcare sector, signaling strong confidence in its growth trajectory.
According to BRI Danareksa’s analysts, the private patient segment is poised to be the primary revenue driver for hospitals in 2026. This trend is expected to persist into 2026, largely due to a perceived weakness in the BPJS (National Health Insurance) segment, driven by stricter primary care referral policies. The report, quoted on Friday, December 5, 2025, underlines this critical shift in patient demographics.
In a separate statement, Abida Massi Armand, an analyst at BRI Danareksa Sekuritas, emphasized that the growth momentum from the private patient segment is set to continue. This projection is backed by robust data, with private patient numbers experiencing an impressive 8% year-on-year (YoY) increase during the January–September 2025 period.
Beyond simply expanding their reach to private patients, hospital issuers in 2026 are also expected to focus on strengthening their services. This strategic move aims to maintain competitiveness within a competency-based referral system. Abida highlighted that while BPJS adjustments are occurring gradually, the sector’s long-term narrative remains robust, underpinned by the significant under-penetration of healthcare facilities across Indonesia, suggesting a vast potential for continued expansion.
Given these favorable conditions, Abida has identified PT Mitra Keluarga Karyasehat Tbk. (MIKA) as a top recommendation. MIKA is lauded for its strong track record in operational execution and boasts some of the highest margins in the regional market. Furthermore, MIKA’s attractive valuation makes it a promising investment, poised to deliver optimal returns as private patients increasingly dominate the healthcare industry.
In addition to MIKA, other hospital stocks receiving positive recommendations include PT Medikaloka Hermina Tbk. (HEAL) and PT Siloam International Hospitals Tbk. (SILO). Specifically, BRI Danareksa Sekuritas’ research recommends HEAL with a target price of Rp1,950 per share, SILO at Rp2,850 per share, and MIKA leading with a target price of Rp3,450 per share.
: Di Balik Aksi Dirut Medikaloka Hermina Yulisar Khiat dan Prospek Saham HEAL
Mitra Keluarga Karyasehat Tbk. – TradingView
On the other hand, Muhammad Wafi, Head of Research at KISI Sekuritas, also named HEAL as his top pick. He attributes this choice to HEAL’s strong resilience within the premium segment, consistently stable margins, and a well-managed, measured expansion strategy. KISI Sekuritas maintains a neutral outlook for the overall healthcare sector.
MIKA also garnered a recommendation from KISI Sekuritas, recognized for its strong cash flow, significant pricing power, and defensive qualities. SILO, meanwhile, was recommended for its positive trajectory and extensive exposure to the large private patient segment.
Disclaimer: This news article is not intended as an invitation to buy or sell stocks. Investment decisions are solely at the discretion of the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
Analysts project a positive outlook for hospital stocks in 2026, with BRI Danareksa Sekuritas assigning an “overweight” rating to the healthcare sector. The private patient segment is identified as the primary revenue driver, a trend expected to continue due to an 8% year-on-year increase in private patient numbers and stricter BPJS referral policies. Hospitals are strategically focusing on strengthening services, supported by Indonesia’s significant under-penetration of healthcare facilities, which suggests vast potential for sector expansion.
BRI Danareksa Sekuritas recommends PT Mitra Keluarga Karyasehat Tbk. (MIKA), PT Medikaloka Hermina Tbk. (HEAL), and PT Siloam International Hospitals Tbk. (SILO), citing MIKA’s strong operational execution and high margins. Separately, KISI Sekuritas, which holds a neutral sector outlook, also named HEAL as its top pick for its resilience and stable margins. MIKA was noted for strong cash flow, while SILO was highlighted for its extensive private patient exposure.
