Mitra Keluarga targets 10% growth. Maybank rates Mitra Keluarga stock Buy

Published on 10/20/2026 at 01:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

For Mitra Keluarga stock, first-half 2026 revenue reached IDR 2.77 trillion, up 8.00 percent year over year. Margin target is 38.80-39.50 percent.

Growth and expansion milestones

Mitra Keluarga retained a 10.00 percent 2026 growth target on October 1, 2026.
First-half 2026 revenue reached IDR 2.77 trillion after rising 8.00 percent year over year.
New hospitals are scheduled for the fourth quarter of 2026 and the first quarter of 2027.

Mitra Keluarga, ID1000135700, Illustration mit AI erstellt.

Mitra Keluarga targets 10.00 percent growth for fiscal 2026, while Maybank Sekuritas Indonesia maintained a Buy view with an IDR 3,000.00 target on October 1, 2026, according to Kontan. The stock last traded at IDR 1,375.00 on October 19, 2026, on the IDX.

Revenue growth meets margin pressure

First-half 2026 revenue reached IDR 2.77 trillion, an 8.00 percent year-over-year increase, while net income rose 6.90 percent to IDR 684.00 billion, Kontan reported. High-complexity services grew 28.60 percent to IDR 767.00 billion, lifting their revenue contribution to 28.00 percent from 23.00 percent.

Private patients represented 90.00 percent of the total in the first half of 2026, up from 88.00 percent a year earlier. The counterweight is profitability: first-half EBITDA margin was 38.30 percent, below the full-year target range of 38.80-39.50 percent, according to InfoBEI.com.

Can margins reach 39.50 percent?

The margin gap is the central operating test. Management expects fiscal 2026 growth of 10.00 percent, but new facilities will add pre-operating and depreciation costs before occupancy builds. Maybank projected 2026 revenue of IDR 5.89 trillion and net income of IDR 1.50 trillion, while the company also held net cash of IDR 3.00 trillion without debt, according to Kontan.

Three milestones since April

On April 30, 2026, Mitra Keluarga disclosed a share buyback plan; on June 9, 2026, shareholders held the annual and extraordinary meetings; and on October 1, 2026, management set the 10.00 percent fiscal-year growth target, according to the company's investor-relations page at Mitra Keluarga.

Expansion dates set capacity test

The next operational dates are the fourth quarter of 2026 for the BSD hospital and the first quarter of 2027 for the East Java facility. The two projects are intended to expand capacity from a base of 857 beds, but their earnings contribution is expected to build through occupancy.

Stock stays tied to execution

Mitra Keluarga combines 8.00 percent first-half revenue growth with a 38.30 percent EBITDA margin that remains below its full-year range. The balance between private-patient growth and new-hospital costs is the key operating issue for the stock.