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22 Juli 2021

PRDA IJ - MNC Sekuritas Equity Report 22 July 2021

The Leading Healthcare Provider

 

Leading Clinical Laboratory with the Largest Lab Network Chain
PRDA is the largest clinical laboratory with a revenue market share of 39.2% in Indonesia. PRDA provides clinical laboratory services to diagnose and observe diseases as well as other health conditions with more than 48 years of experience. Currently, PRDA has had the service network that incorporates 269 outlets across 127 cities and 34 provinces in Indonesia. Since 2012, PRDA has been the only clinical laboratory in Indonesia accredited by the College of American Pathologists (CAP), the highest standard of excellence, and the first clinical laboratory in Indonesia to receive NGSP certification for HbA1c testing as well as SNI ISO 15189.

Leading Clinical Laboratory with the Largest Lab Network Chain
PRDA is the largest clinical laboratory with a revenue market share of 39.2% in Indonesia. PRDA provides clinical laboratory services to diagnose and observe diseases as well as other health conditions with more than 48 years of experience. Currently, PRDA has had the service network that incorporates 269 outlets across 127 cities and 34 provinces in Indonesia. Since 2012, PRDA has been the only clinical laboratory in Indonesia accredited by the College of American Pathologists (CAP), the highest standard of excellence, and the first clinical laboratory in Indonesia to receive NGSP certification for HbA1c testing as well as SNI ISO 15189.

Genomic test: Agility to Create Values
PRDA has carried out various examination developments and service innovations to become a leader in next-generation technology in the laboratory and healthcare sector. In 2019, PRDA developed a genetic-based examination, namely Prodia Genomics. The Genomic Examination development includes: 1) NIPT-Prosafe to determine the risk of chromosomal abnormalities in the fetus; 2) CArisk, a treatment plan that is likely to reduce cancer risk; 3) DIArisk to assess a person's risk of diabetes; 4) TENSrisk to see the risk of hypertension; 4) IMMUNErisk to detect a person's risk of 7 (seven) types of diseases related to the immune system; 5) VASCULArisk which can detect the risk of cardiovascular and cerebrovascular disease; 6) Prodia Nutrigenomics to identify appropriate nutritional intake and types of exercise.

Recommendation BUY for PRDA with Target Price of IDR10,000
We initiate BUY for PRDA IJ with a target price of IDR10,000, which implied PBV FY21E/ FY22F at 3.98x/3.16x. We expect PRDA revenue to grow by 17.60% YoY in FY21E, as demand for clinical laboratory tests increases, driving higher prices given its strong competitive position. We see several risks that will occur such as unexpected-regulatory change that can affect the business, especially the price cap for Covid checks and regulations related to home service.

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