Hermina's 2026 Outlook Remains Positive Despite Stock Correction

Attractive Valuation Post Correction

PT Medikaloka Hermina Tbk (HEAL) is expected to maintain its positive performance trajectory in 2026, despite experiencing a significant 15.32% stock correction throughout the previous year. According to Muhammad Wafi, Head of Research at KISI Sekuritas, the current lower valuation presents an attractive entry point for investors due to its reduced price-to-earnings ratio. The defensive nature of the healthcare sector is expected to keep the company's performance positive, particularly with the stable patient volume from the National Health Insurance (JKN) program.

Growth Drivers and Challenges

Hermina's plans to open three new hospitals this year are seen as a significant growth driver. While the expansion will immediately increase revenue, the impact on profitability will be gradual due to the initial high operational costs during the ramp-up phase, which typically lasts between six to twelve months. Wafi noted that while the new hospitals will contribute to the top line immediately, their contribution to the bottom line will be realized in the following years once they achieve optimal profitability.

Market Outlook and Analyst Recommendations

The healthcare sector's defensive characteristics are expected to support Hermina's performance in 2026. Analysts recommend considering HEAL stock due to its attractive valuation post-correction. The potential upside is supported by stable patient volumes, particularly from the JKN program, which remains a key revenue driver for the company.