Mitra Keluarga stock targets growth as private patients lead demand

PT Mitra Keluarga Karyasehat is targeting about 10 percent growth in fiscal 2026, while management aims to keep EBITDA margin between 38.8 percent and 39.5 percent. The company outlined the targets as private patients, higher revenue per patient and complex medical services supported growth in the first half.

Kontan reported on October 1, 2026, that private patients represented 90 percent of the first-half total, up from 88 percent a year earlier. Insured patients accounted for 62 percent, a mix that analyst Abida Massi Amand of BRI Danareksa Sekuritas said made revenue more resilient to BPJS tariff pressure.

Expansion adds capacity and risk

Mitra Keluarga's first-half revenue reached IDR 2.77 trillion, an 8 percent year-over-year increase. Revenue from high-complexity services rose 28.6 percent to IDR 767 billion, lifting their share of revenue to 28 percent from 23 percent.

Average revenue per inpatient day increased 12.2 percent year over year to IDR 4.68 million, while average revenue per outpatient visit rose 12.6 percent to IDR 664,000. Maybank Sekuritas projected 2026 revenue of IDR 5.89 trillion, EBITDA of IDR 2.16 trillion and net income of IDR 1.50 trillion.

The BSD hospital is scheduled to begin operations in the fourth quarter of 2026, followed by a hospital in East Java in the first quarter of 2027. The additions should raise capacity over time, but pre-opening expenses, depreciation and a gradual occupancy ramp could weigh on margins in the short term.

Position in Indonesia's hospital market

Mitra Keluarga's investor relations page describes PT Mitra Keluarga Karyasehat as an Indonesia-based hospital network covering Mitra Keluarga hospitals and hospitals under Kasih Group. Its business spans inpatient and outpatient care, pharmacies, laboratories, radiology and higher-complexity medical services. With a reported base of about 857 beds, it operates a more focused network than Siloam International Hospitals, which Kontan reported at 41 hospitals and 4,440 beds, and Medikaloka Hermina, reported at 53 hospitals and 9,019 beds. MIKA therefore competes through private-patient exposure and specialized care while its larger peers offer broader networks.

Indonesia's healthcare shares remain sensitive to medical-cost inflation, patient volumes and the pace at which new facilities reach sustainable occupancy. Current market reports track the broader trading environment.

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