In recent years, there have been significant improvements in population health globally. The death rate for both communicable and noncommunicable has dropped, and life expectancy at birth has risen from 67 to 73 years from the year 2000 to 2019.  These changes happened mostly in the Millenium Development Goals (MDGs) era. But since 2015, the developments in healthcare have slowed down, making the goal of reaching Sustainable Development Goals (SDGs) by 2030 questionable [12]. One of the goals of the SDG is ‘ensure healthy lives and promote well-being for all at all ages’ with 13 targets. These targets include reducing mortality rates from communicable and non-communicable diseases, strengthening aspects on prevention such as reinforcing the development and coverage of vaccines, making healthcare services more accessible which includes achieving universal health coverage. All these targets are aimed for all countries globally, but emphasis is given on strengthening the healthcare capacity especially in developing and less developed countries (United Nations). 

Non-communicable diseases (NCDs) currently cause the highest disease burden, and this has been especially pronounced in the last two decades. In 2020, almost 3 out of 4 deaths worldwide are caused by NCDs. Not only deaths, NCDs also contribute to the rising number of disabilities as well. The four major NCDs are cardiovascular disease, cancer, chronic respiratory disease, and diabetes. In the year 2019, a 30-year-old had a 17.8% chance of dying prematurely from one of those four NCDs before the age of 70. Forecasts have been made, and at the current rate of improvement in healthcare, no country will achieve the SDGs by 2030. Not to mention the impact of the Coronavirus disease-19 (COVID-19) pandemic globally. By the end of 2021, the world health organization recorded that 14.9 million excess deaths are caused by COVID-19, which is the difference in number of deaths in a crisis compared to those expected in normal conditions. It is estimated that 336.8 million life-years are lost due to the COVID-19 pandemic [12]. This provides new insight on the impact of the pandemic but does not do justice in highlighting the bigger picture which   is    its   impact    on    social    and    economic    issues.

Figure 1. Historical Performance of IDXHEALTH, JCI and LQ45

Source: IDX.com

In an effort to prevent the spread of COVID-19, the Government of Indonesia (GOI) took various actions such as enforcing travel restrictions, and large-scale restrictions which included closures of schools and companies and shifting to distance learning and work-from-home. These efforts triggered a decline in economic activities nationally. Furthermore, panic among consumers and firms has distorted usual consumption patterns and caused anomalies in the market. Indonesia’s gross domestic product (GDP) growth fell from 5,02% in 2019 to -2,07% in 2020, but eventually recovered with 3,7% growth in 2021 and 5,31% in 2022 [2]. The Government of Indonesia (GOI) has set aside budgets for healthcare to cope with the impacts of the pandemic. The budget for healthcare spending was 113.6-billion-rupiah pre-pandemic, in 2019. This rose to Rp. 172.3 billion in 2020, Rp. Rp. 312.4 billion, Rp. 212.8 billion in 2022, and Rp. 169.8 billion in 2023 [11]. These shows the GOI’s efforts to increase healthcare capacity during the peak of the pandemic. Following the fall of COVID-19 cases, the budget decreases as there is no budget especially allocated for COVID-19, but it still increased compared to pre-pandemic budget, to further strengthen and develop the healthcare system of Indonesia.

The economic impact of the COVID-19 pandemic can be seen in the stock market as well. With a 5.1% decrease of Jakarta Composite Index (JCI) in 2020, and 7.8% decrease in LQ45 Index. But this is in contrast with IDXHEALTH, the index measuring performance of stocks in the healthcare industry, which saw a significant 17.8% increase in 2020 as shown in the following figure.

With increasing attention to the healthcare sector to reach the third SDGs and an increase in the burden of disease of several sectors, the healthcare landscape in Indonesia still needs a lot of improvement. Increasing support from the government and rising demands for healthcare services shows tremendous potential for growth in the healthcare indsutry, which was especially pronounced during the pandemic. By the year 2023, more than two years after the first case of COVID-19 was announced, the global and national economy is steadily recovering as evident by the increasing growth in gross domestic product, shown in the figure below. Caution is still to be exercised as there is some potential instability and changes in the economic landscape, apparent by increasing inflation rates [8]. 

Table 1: 3-Year Price Returns of MIKA, SILO, HEAL and CARE

Source: stockbit.com

For potential investors, analyzing a company before investing gives a better look into their fundamentals such as value and performance. This in turn will help in making better investment decisions. During the COVID-19 pandemic, out of 12 sectors in IDX, the healthcare sector is one that grew significantly, as opposed to the JCI and the country’s economy in general. The healthcare sector, IDXHEALTH, is further classified into 4 industries, one of which is F12 healthcare providers. Hospitals as healthcare providers were largely impacted by the pandemic in their operations and finances. The ability to adapt and survive to the challenges brought upon the industry shows the resilience of their operations. Four hospitals with the largest market capitalization are PT Mitra Keluarga Karyasehat Tbk (MIKA) at Rp. 36.2T, PT. Siloam International Hospitals Tbk (SILO) at Rp. 23.6T, PT Medikaloka Hermina (HEAL) at Rp. 20.2 T, and PT Metro Healthcare Indonesia (CARE) at Rp. 15.8T. Out of these 4 companies, SILO has the highest 3-year price returns, reflecting the change in share prices from the beginning of COVID-19 pandemic until 3 years after, as shown in the table below. 

Fluctuations in share price is depicted in Figure 5. In 2019, the shares of these 4 companies are trading at a similar price range, but by the end of 2022, SILO and CARE are trading at prices higher than the other two companies. Since May 2023, SILO’s share prices have been the highest of the four companies. This indicates that there are a lot of interest from investors towards SILO’s shares. After the significant growth in Siloam Hospitals’ share prices during the pandemic, it is crucial for potential investors to reassess the company’s value post pandemic and reevaluate its business performance in making investment decisions.

External Analysis

An analytical method for strategic business planning known as a PESTLE Analysis offers a strategic framework for comprehending the outside impacts on a corporation or other type of entity. Organizations use it to assess the potential effects that the outside world may have on a project [4]. This is essential since a business interacts with the outside world as part of its operations, and the outside elements are outside the business's control [3]. The model aids in the assessment of the dynamic and cutthroat business environment. The model evaluates each of the critical elements that are both directly and indirectly influencing the business performance in order to build strategies to address the problems and improve the company's position in the market. Under the general headings of Political, Economic, Social, Technological, Legal, and Environmental (PESTLE) factors, it groups external parameters into different factor categories [4].

Internal Analysis

Financial Factors

In analyzing a company, the basic financial statements used are: balance sheet, income statement, cash-flow statement and notes to financial statements. Financial analysis is the act of correctly determining the relationships between the various financial statement components in order to determine the firm's financial strengths and shortcomings. The main goals of financial statement analysis are to enlighten decision-makers about an organization so they can make informed decisions. Management uses financial statement information to assess the operational and financial efficiency of the company overall or of individual divisions. Investors use it to make investment and portfolio decisions. Lenders and creditors use it to assess a company's credit worthiness and solvency. Employee and labor unions use it to assess the company's financial health and to negotiate fair wages and salaries [10]. 

Human Resources Factors

Several studies conducted shows that there is a link between human resource management and an institution’s business performance. This includes training and internal career opportunities. An argument for this is that human resource management (HRM) systems are effective for increasing employee productivity. Although it is important to note that this is not the only factors affecting business performance and thus other sides of business activities are not to be ignored. In addition to that, other metrics may also be influenced more than business performance, which are employee security, employee wellbeing and organizational climate. Efficient HRM practices also enable good relationships between employees, including managers and their subordinates [1].

Competitive Positioning

The foundation of modern marketing theory and practice is competitive positioning. A company's choice of positioning itself and/or its products is crucial to developing a marketing plan and heavily influences the implementation of marketing into practice using components of the marketing mix and customer relationship management. Competitive positioning is a combination of choosing a target market, or the area in which the business will compete and choosing a competitive advantage or how the company will compete. The combination of advantages or features that the target client obtains from an offering determines how competitive it is in the market. The figure below depicts the relationship between market-focused resources and competitive  positioning   on   firm  performance [7].

Figure 2. Historical Performance of IDXHEALTH, JCI and LQ45

Valuation

According to Damodaran, there are two approaches to valuation. The first and most fundamental approach is the Discounted Cash Flow (DCF) Valuation, and the second approach is Relative Valuation.

Discounted Cash Flow (DCF) Valuation

In the DCF valuation, the value of an asset or also often called their intrinsic value, is estimated by discounting the expected cash flows on that asset at a rate that reflects their riskiness. The intrinsic value is the price a rational investor would pay for the investment. This value is a function of cash flows generated by the asset, the life of the asset, the expected growth in cash flows, and the riskiness associated with it. In other words, this is the present value of the expected cash flows on that asset.

Relative Valuation

Relative valuation compares the valuation multiples of one company with an industry benchmark and with the company’s competitors.  Valuation multiples work as a parameter that enables the evaluation of one financial metric as a ratio of another, with the purpose of increasing comparability between companies [6]. In performing analysis using valuation multiples, there are two main methods that can be utilized [5]. 

Conceptual Framework

The following is a picture of the steps taken in this research. Starting with business problem exploration and problem identification.

This study aims to provide potential investors with recommendations to make a sound investment decision by answering the research questions previously mentioned regarding the company PT Siloam International Hospitals Tbk. This stems from the business issue that healthcare companies saw a sharp increase in growth during the pandemic, as opposed to numerous other sectors and the global economy as a whole, which faced significant decline during the COVID-19 pandemic. A bottom-up approach is utilized, which is a strategy where the focus is on a particular company, and its business model and growth prospects are analyzed. This study focuses on PT Siloam International Hospitals. An analysis of external and internal factors that influence business performance will be done to understand how each factor affects the company and to predict future prospects of the company. Then a valuation analysis will be conducted to determine whether this aligns with the company’s stock price. The valuation methods utilized are discounted cash flow valuation and relative valuation. These analyses will be concluded to provide potential investors of PT Siloam International Hospitals with recommendations, to aid their decision in making a sound investment. The data analysis in this study includes external analysis, internal analysis, and firm valuation. 

External Analysis

In evaluating a business, the highly dynamic external business environment must be considered as it relates to its operations and is uncontrollable by the business. A tool commonly used to evaluate these factors is the PESTLE analysis, an acronym for political, economic, social, technological, legal and environmental factors. This analysis forms the basis in identifying the opportunities in threats towards the business, helping further analysis using the SWOT analysis [9].

Political

Siloam has 30 hospitals out of a total of 41 that accept BPJS patients, with 3 of these having 60% of its revenue derived from BPJS patients. While several other hospitals that have just opened in the last 2-3 years are planned to be licensed for National Health Insurance (BPJS) as well. Siloam is also considered an early adopter, as it started accepting patients with BPJS in the same month BPJS was implemented nationwide, which was back in January 2014.  As the coverage of BPJS is targeted to keep increasing, as well as its utilization, Siloam has proven to be able to adjust its operations accordingly to maintain and grow its organization. It has also proven to be agile and adaptable to policy changes, demonstrating potential for growth opportunities.

Economic

Although the global economy is still recovering post-COVID, Indonesia’s economy remains resilient with stable growth in domestic demands, which generally will lead to increased spending and more investment opportunities for Siloam Hospitals. But the state of global instability has to be taken into account, as fluctuations in exchange rates and inflation rates potentially impact Siloam’s costs for equipment and pharmaceutical products,  impacting   its   financial   performance. 

Social

Currently, non-communicable diseases are found increasingly even in low and middle-income countries. With increasing awareness and access to medical care, the healthcare industry is expected to keep growing. Businesses that can shift their focus alongside demographic changes will continue to thrive. The majority of Siloam’s hospitals accept BPJS insurance, so with increasing coverage Siloam will still be able to maintain its revenue. They also have 8 focus areas of clinical programs, and 4 of these are developed as center of excellence, which acts as a strong brand differentiator, operating in a hub and spoke model ensuring to increase accessibility. 

Technological

During the pandemic, people were reluctant to get medical attention in-person. To address this issue, Siloam further developed their ‘My Siloam’ mobile application. Previously this application aimed to increase internal efficiency by streamlining the patient-doctor appointment process, reducing patient wait times, and offering telemedicine services. It was further developed by collaborating with various health platforms, enabling online consultation, getting hospital referrals, and buying prescribed medications online. The app was downloaded 1.4 million times in 2022, almost twice the number from the prior year. Other digital channels such as their website and dedicated WhatsApp number is also developed. By the end of 2022, these digital channels contributed to 15% of the outpatient volume. Siloam also collaborated to develop an artificial intelligence system able to diagnose and refer the right treatment and specialist to patients. In their centers of excellence, Siloam also leverages the best technology available for diagnosing, analyzing and treating patients.

Legal

In providing services, the institution and its staff are also at a high risk of lawsuits for accusations of malpractice, negligence, etc. Any changes in regulations are likely to impact the business to a significant degree. Awareness of these risks and the ability to mitigate them becomes a crucial factor in running the business. In Siloam’s annual reports, the legal risks associated with the institution is explicitly stated, indicating awareness, and there are procedures in place to ensure compliance.

Environmental

The strategies undertaken by Siloam to mitigate environmental risks are: routine occupational health and safety and environment (OSH) training; selecting only reputable contractors that adhere to quality, health, safety, environment (QHSE) principles, implementing strict standard operating procedures and having insurance for managing waste disposal; and on a bigger picture they build and implement environmental, social and governance (ESG) framework committed to developing and   improving     public     health      among      other    goals.

Figure 3. Revenue and Profit,  Source: Internal Analysis

Figure 4. Working Capital,  Source: Internal Analysis

Figure 5. Working Capital ,  Source: Internal Analysis

Figure 6. Market Capitalization and Share Price 

Source: Internal Analysis

Internal Analysis

• Financial Factor: The figure above shows the revenue and profit of Siloam Hospitals in the years 2018-2022. Revenue consistently increases each year with a marked increase in the year 2021. Profits dipped in the year 2019 although revenue was the highest it had ever been compared to prior years. This was caused by a review of the carrying value of the company’s assets which resulted in a one-off non-cash adjustment of Rp 426 billion, arriving at a net loss of Rp 333 billion. Other than that, there is also a strategy change resulting in a large capital expenditure allocation for building centers of excellence at each of their 37 hospitals. The investment proved to be profitable in the following years with a sharp increase in the year 2021

• Working Capital: The working capital of Siloam Hospitals consistently stayed above 5 billion rupiah in the last 5 years. There was a significant increase in the year 2021 followed by a 60% decrease in 2022. This was caused by a decrease in current assets due to decrease in cash and cash equivalents by 44% but is offset by increase in non-current assets of property and equipment

• Equity Multiplier: Total assets and equity of Siloam Hospitals consistently increased each year, showing consistent growth of the company, even during the beginning of the COVID-19 pandemic in 2020 although the growth slowed down. Post pandemic, in the years 2021 and 2022 the company grew even more. The company’s equity multiplier keeps increasing each year from 2018 to 2021. However, on 2022 it decreased, which indicates that the company is using less debt to finance its assets

• Market Capitalization and Share Price: The company conducted a stock split of 1:8 ratio on April 12, 2022, which changed the number of outstanding shares from 1,625,765,625 to 13,006,125,000 shares. The share price before the stock split was Rp.8,650, and it became Rp. 1,080 after the Damodaran action, but it closed at Rp. 1,246 by the end of 2022, significantly higher than the previous years, causing market capitalization to increase significantly as well

Organization & Human Resources Factor

Several literatures have found that human resources and its management has a positive relationship in overall business performance. Siloam is committed to providing quality healthcare and thus nurtures a patient-centered culture and ensures this value is embedded in daily business operations. As of December 31, 2022, Siloam has a total of 13,461 employees which increased from 13,354 employees in 2021. Siloam Training Center (STC) provides clinical and non-clinical training for its employees. Learning needs analysis (LNA) is done annually to map out the learning needs of units and hospitals in order to achieve their goals. This center provides training internally as well as externally, partnerships are also established with several external parties and collegiums. Some of the programs include introduction to general nursing, TOT emergency medical technician (EMT), as well as several leadership development programs. In order to accommodate distance learning, STC also keeps developing e-learning modules. In terms of recruitment, Siloam adopts a centralized recruitment system for better efficiency and ensuring they recruit the best talents in the market. Siloam provides career development paths as well for their employees, such as scholarship programs for nurses, partnership development program for doctors, development program for future leaders of Siloam, etc. Siloam sees its employees as a valuable asset and prioritizes their growth, job satisfaction, and work-life balance, creating a supportive and inclusive workplace that contributes to the organization's overall success.

Competitive Positioning

Siloam Hospitals has established a strong competitive positioning within the healthcare industry with several key factors, such as; a) Extensive network, b) Focus on quality of care and patient experience, c) Accreditation and quality recognition, d) Comprehensive services, e) Corporate social responsibility. Through these strategies, Siloam Hospital has positioned itself as a reputable and competitive healthcare provider in Indonesia. Its extensive network, focus on quality care, comprehensive service offerings, technological advancements, community engagement, and commitment to patient satisfaction have contributed to its strong competitive positioning within the industry.

Business Solution

Generally, there are three approaches to valuation of a firm. Namely, intrinsic valuation, relative valuation and contingent claim valuation. The first two approaches are utilized in this study to determine whether the firm is fairly valued in the market as a consideration in making investment decisions.

Discounted Cash Flow Valuation

This method values the firm according to its intrinsic characteristics, which is its capacity to generate cash flow and the risk incurred in its cash flows. The most commonly used approach, the discounted cash flow (DCF) method with the firm valuation model is applied in this study. The foundation for this approach is that the value of any asset is the present value of its expected future cash flows.

Weighted Average Cost of Capital (WACC)

In calculating the intrinsic value, the weighted average cost of capital (WACC) must be calculated beforehand. The WACC will be used as the discount rate for future cash flows in conducting the discounted cash flow analysis. The risk-free rate utilizes the yield of the Indonesia 10 Years Government Bond.  From the obtained data, the  WACC  can  be  calculated  as  follows:

Table 2. Net Capital Spending (in IDR mill)

  Source: Internal Analysis

Table 3. Change in Working Capital (in IDR mill)

Table 4. Intrinsic Value and Share Price

Source: Internal Analysis

WACC = 8.46%

Table 5. Intrinsic Value and Share Price

Source: stockbit.com and Internal Valuation,  Price/Earnings Ratio

Discounted Cash Flow

The DCF method of valuation is utilized in this study to estimate  the   value   of   the  firm  based  on  the  expected future cash flows through projections and calculating its present value. Through data from SILO.JK’s financial statement from the year 2022 and 2021, the net capital spending and change in working capital compared to the previous year is calculated. 

The sum of the present values from the year 2023 until the terminal year is then subtracted by the debt in 2022, and the cash and its equivalents is added, to obtain the value of equity. The 2022 Statement of Financial Position (Balance Sheet) shows 13,006 (in millions) number of shares outstanding. The value of equity divided by the number of shares will provide the intrinsic value per share of the firm. Through data in yahoo finance, it is known that the share price at adjusted close on the last trading day of 2022 is Rp. 1,246.12. Compared to its intrinsic value, the share price is 121% of it, indicating that PT Siloam Hospitals’ stock is overvalued and trading at a price not justified by its potential earnings and profit projections. Consequently, the share price is expected to eventually drop to intrinsic value.  From a value investing point of view, such a stock is not recommended for potential investors to invest in, but is an opportunity for current investors to sell their stocks at a premium.

Relative Valuation

Based on market data and financial data of PT Siloam International Hospital (target company) and the three comparable companies, the Price/Earnings Ratio, Price/Book Ratio and EV/EBITDA Ratio is calculated to obtain the relative valuation of the respective companies. The data utilized and the calculations are shown in Tables 5. A comparison of these values to the industry and sector averages, based on data from stockbit.com are shown in the table below.

The P/E Ratio of SILO.JK indicates that investors are willing to pay 17.62 times the company’s earnings for each share of stock. In comparison to its peers by looking at the sector and industry average, SILO.JK is relatively undervalued in terms of its P/E Ratio, making it very attractive for potential investors.

Price/Book Ratio

This P/B Ratio evaluates the company’ stock price in relation to its asset base. With a P/B Ratio of 2.29, which is notably lower than the sector and industry average, SILO.JK is also considered to be relatively undervalued from the P/B ratio perspective. This makes it attractive for potential investors, and suggests a potential for long-term value appreciation.

EV/EBITDA Ratio

SILO.JK has an EV/EBITDA ratio of 8.05, substantially lower than the sector and industry average and also its peers mentioned in this study. This indicates that SILO.JK is undervalued and hence is attractive for potential investors.

Implementation Plan & Justification

The comprehensive analysis of PT. Siloam International Hospitals (SILO.JK) involves a multi-faceted examination that encompasses both internal and external factors, as well as relative and DCF valuation methods. This analysis provides a holistic view of SILO.JK's financial performance and investment attractiveness, taking into account the post-COVID-19 pandemic landscape in Indonesia. Based on the external analysis done using the PESTLE framework, the political, economic and legal conditions in Indonesia have provided a conducive environment for businesses, including healthcare providers such as PT Siloam International Hospitals to operate and likely to grow further. Other factors such as increased public awareness of healthcare and advancements in technology poses a great potential to enhance Siloam’s positioning. While environmental considerations are not as prominent in healthcare, may become more relevant in the future which might affect the industry. An internal analysis of PT Siloam International Hospitals exhibits a relatively positive trend in its financial performance which includes its revenue, profit, share price and market capitalization. However, it's essential to note the decrease in working capital in 2019 and 2022. The organization’s structure and competitive positioning have also contributed to the company’s growth and its resilience during the pandemic and the period that follows. It is able to create an extensive network of hospitals and focus on their quality of care which increased and maintained its reputation in the healthcare sector.

Through Discounted Cash Flow method of valuation, SILO.JK’s stock is determined to be overvalued at 121%. But further analysis using relative valuation by utilizing three financial ratios, namely Price/Earnings, Price/Book and EV/EBITDA ratios, shows that SILO.JK is relatively undervalued compared to its peers, and industry and sector averages. During the COVID-19 pandemic, there was an increase of positive sentiment among investors for healthcare stocks, causing stock prices to increase significantly to a point where SILO.JK is still relatively undervalued compared to its peers even when it is deemed overvalued from a valuation point of view. This creates an emphasis on how significant the COVID-19 pandemic affected the healthcare businesses and consequently its stock prices. Potential investors should take a balanced approach, considering both quantitative metrics and qualitative factors. While relative valuation ratios indicate undervaluation, the DCF overvaluation suggests caution. However, the external and internal factors are favorable for the company’s growth and have proven to contribute to its resilience during the pandemic.

This study addresses the research questions surrounding PT. Siloam International Hospitals (SILO.JK) in the post-COVID-19 pandemic era. Siloam’s performance and valuation were evaluated using a variety of framework and analytical tools, providing a comprehensive understanding of its positioning in the healthcare sector. Some of the important findings in this research relate to Resilience and business performance, Siloam demonstrated commendable resilience in the post-COVID-19 period. Its business performance, characterized by revenue and profit growth, illustrates its adaptability and resilience in the healthcare landscape. Furthermore, factors that contribute to resilience include an extensive hospital network, commitment to service quality, and increased awareness of changes in the post-pandemic era. Although it is indicated to be overvalued based on the DCF valuation method, it is undervalued based on relative valuation multiples. This reflects market sentiment which has led to a significant increase in the overall price of healthcare companies during the COVID-19 pandemic, but compared to similar companies, Siloam Hospitals is an attractive stock for potential investors. Furthermore, regarding future prospects, Indonesia continues to recover from the COVID-19 pandemic and the political situation and local regulations really support business growth in the health sector. Siloam Hospitals as a business also has a strong competitive position and in addition to proper management is known to have a positive impact on overall business performance. The ability to maintain this strategic position will support the company's growth.

Potential investors are advised to purchase with caution, closely monitoring industry and market trends as fluctuations may occur. Even though SILO.JK is assessed as undervalued based on the Relative Valuation method, SILO.JK is assessed as overvalued based on the DCF valuation method. However, the company's fundamentals in terms of revenue, profit, working capital and equity multiplier, suggest further growth potential. Then further research over a longer period of time is needed to evaluate the resilience of companies after the pandemic. Further research can be carried out using different methods, such as EV/EBITDAR, EV/Revenue, and EV/Invested Capital. Finally, for PT Siloam International Hospital, Siloam can further increase its market coverage by allowing all its hospitals to accept BPJS insurance because the current legal and political situation aims to increase BPJS coverage. To reduce operational costs, hospitals can look for vendors with lower prices or negotiate better deals with existing vendors. This is possible because Siloam's large hospital network gives them great bargaining power

1. Bakator, M. (2019). Impact of human resource management on business performance: A review of literature. Journal of Engineering Management and Competitiveness, 9(1), pp. 3–13. doi:10.5937/jemc1901003b.

2. Cabinet Secretariat of The Republic of Indonesia. (2023). Indonesia’s economy grows by 5.31% in 2022. Available at: https://setkab.go.id/en/indonesias-economy-grows-by-5-31-in-2022/ (Accessed: 14 July 2023).

3. Cadle, J. (2016). Business Analysis Techniques 99 essential tools for Success. Swindon: BCS Learning & Development Ltd.

4. Christodoulou, A. & Cullinane, K. (2019). Identifying the main opportunities and challenges from the implementation of a Port Energy Management System: A SWOT/PESTLE analysis. Sustainability, 11(21), p. 6046. doi:10.3390/su11216046

5. Corporate Finance Institute. (2023). Relative valuation models. Available at: https://corporatefinanceinstitute.com/resources/valuation/relative-valuation-models/ (Accessed: 30 September 2023).

6. Damodaran, A. (2012). Investment Valuation. Hoboken, NJ: Wiley.

7. Hooley, G. (2001). Market-focused resources, competitive positioning and firm performance. Journal of Marketing Management, 17(5–6), pp. 503–520. doi:10.1362/026725701323366908

8. Isabelle, D. (2020). Is Porter’s five forces framework still relevant? A study of the capital/labour intensity continuum via mining and IT industries. Technology Innovation Management Review, 10(6), pp. 28–41. doi:10.22215/timreview/1366

9. Perera, R. (2020). The PESTLE Analysis. Sri Lanka: Nerdynaut.

10. Ravinder, D. & Anitha, M. (2013). Financial Analysis–A Study. IOSR Journal of Economics and Finance (IOSR-JEF), 2(3), pp.10-22.

11. Sembiring-Kembaren, L.J. (2021). Anggaran Kesehatan 2022 RP 255,3 t, Tapi Masih Bisa Bengkak!, CNBC Indonesia. Available at: https://www.cnbcindonesia.com/news/20210816180528-4-268905/anggaran-kesehatan-2022-rp-2553-t-tapi-masih-bisa-bengkak (Accessed: 14 July 2023)

12. World Health Organization. (2023). World health statistics - A Visual Summary (no date). Available at: https://www.who.int/data/stories/world-health-statistics-2023-a-visual-summary (Accessed: 14 July 2023).