JAKARTA – As Indonesia’s hospital sector anticipates a strong performance in 2026, analysts are issuing optimistic outlooks for related stocks. This positive sentiment is largely driven by a projected surge in the private patient segment, setting the stage for significant growth in healthcare equities.
Among the key players, BRI Danareksa Sekuritas has taken a notably bullish stance. In their research dated November 20, 2025, the brokerage assigned an overweight rating to the broader healthcare sector, signaling confidence in its future trajectory. Their analysis pinpoints the private patient segment as the primary engine expected to fuel hospital revenues in 2026.
“We anticipate this trend will persist through 2026 amidst a subdued BPJS segment, which faces tighter primary care referral guidelines,” the research stated, as quoted on Friday (December 5, 2025). Separately, BRI Danareksa Sekuritas Analyst Abida Massi Armand reiterated that the growth impetus from private patients is set to continue, underscoring an impressive 8% year-on-year (YoY) increase in private patient numbers recorded between January and September 2025.
According to Abida, alongside intensifying their focus on attracting private patients, hospital issuers in 2026 are also expected to enhance their service offerings. This strategic move aims to bolster competitiveness within the increasingly intricate competency-based referral system. She further noted that “Despite gradual adjustments to the BPJS system, the long-term narrative for the sector remains robust, primarily due to the under-penetration of healthcare facilities across Indonesia, which presents substantial expansion potential.”
In light of these promising conditions, Abida has identified PT Mitra Keluarga Karyasehat Tbk. (MIKA) as her top recommendation. She highlights MIKA’s commendable track record of strong operational execution, which has contributed to it achieving the highest profit margins in the regional market.
Furthermore, MIKA is lauded for its attractive valuation, positioning it to deliver optimal returns as private patient growth continues to dominate the healthcare industry. Beyond MIKA, PT Medikaloka Hermina Tbk. (HEAL) and PT Siloam International Hospitals Tbk. (SILO) also feature prominently among BRI Danareksa Sekuritas’ recommendations. The brokerage sets a target price of Rp1,950 per share for HEAL, Rp2,850 for SILO, and Rp3,450 per share for MIKA.
Meanwhile, Muhammad Wafi, Head of Research at KISI Sekuritas, presents a slightly different perspective, recommending HEAL as his top pick. Wafi underscores HEAL’s strong resilience within the premium segment, its consistently stable margins, and its judiciously measured expansion strategies.
KISI Sekuritas also recommends MIKA, citing its robust cash flow, significant pricing power, and defensive characteristics that provide stability. SILO, on the other hand, garners a recommendation for its positive trajectory and substantial exposure to the large private patient segment. Despite these individual stock preferences, KISI Sekuritas maintains a neutral outlook on the overall healthcare sector.
: Di Balik Aksi Dirut Medikaloka Hermina Yulisar Khiat dan Prospek Saham HEAL
Mitra Keluarga Karyasehat Tbk. – TradingView
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Summary
Indonesia’s hospital sector anticipates strong performance in 2026, largely driven by a projected surge in private patient numbers. BRI Danareksa Sekuritas assigned an “overweight” rating to the sector, identifying the private patient segment as the primary growth engine, which saw an 8% year-on-year increase from January to September 2025. They recommend PT Mitra Keluarga Karyasehat Tbk. (MIKA) as their top pick for its strong operational execution and high profit margins, also listing PT Medikaloka Hermina Tbk. (HEAL) and PT Siloam International Hospitals Tbk. (SILO) with specific target prices.
Conversely, KISI Sekuritas maintains a “neutral” outlook on the overall healthcare sector. Their top recommendation is HEAL, highlighting its resilience in the premium segment, stable margins, and measured expansion. KISI Sekuritas also recommends MIKA for its robust cash flow and defensive characteristics, and SILO for its positive trajectory and substantial exposure to the private patient segment.