Astra Becomes Largest Shareholder in Hermina After $165 Million Share Purchase
Key Takeaways
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JAKARTA, Investortrust.id — PT Astra International Tbk, or ASII, has become the largest shareholder in PT Medikaloka Hermina Tbk, or HEAL, after acquiring 20% of the hospital operator’s shares through a series of purchases completed between Sept. 9 and Sept. 12, 2025. The transactions, totaling Rp 2.69 trillion, equal to about $165 million, mark Astra’s biggest move yet into Indonesia’s healthcare industry.
According to a disclosure filed with the Indonesia Stock Exchange on Tuesday, Sept. 16, 2025, Astra purchased 1.47 billion shares of Hermina in several tranches. The company bought 163.8 million shares at Rp 1,683.14 per share, worth Rp 275.70 billion, on Sept. 9. It then acquired 1.8 million shares at Rp 1,705 per share, valued at Rp 3.07 billion, and 3.64 million shares at Rp 1,717.14 per share, worth Rp 6.25 billion. The largest tranche was executed on Sept. 12, when Astra acquired 1.30 billion shares at Rp 1,850 per share, spending Rp 2.41 trillion.
Astra said the acquisitions were classified as indirect investment, underlining its strategy of diversifying into healthcare alongside its dominant businesses in automotive, heavy equipment, and financial services. The move aligns with growing demand for hospitals and medical services in Indonesia, driven by rising incomes and expanding health coverage.
At the same time, several founding and controlling shareholders of Hermina reduced their stakes. Binsar Parasian Simorangkir sold 30.73 million shares, Husen Sutakaria sold 50 million shares, Meijani Wibowo sold 30 million shares, and Yulisar Khiat offloaded the largest block of 371.21 million shares.
After these divestments, Astra emerged as Hermina’s top shareholder with 20% ownership. Yulisar Khiat now holds 10.36%, Meijani Wibowo retains 1.95%, Husen Sutakaria owns 2.42%, and Binsar Parasian Simorangkir controls 5.14%.
The acquisitions raise questions over whether Astra intends to become a controlling shareholder in Hermina, which has expanded rapidly to become one of Indonesia’s leading hospital networks. The company’s management previously announced plans to add three new hospitals in 2026, signaling strong growth prospects.
HEAL Valuation
Based on InvestingPro data, Medikaloka Hermina (HEAL) is currently trading at Rp 1,675 per share, near the upper end of its 52-week range of Rp 920 to Rp 1,775. Analysts’ consensus target price stands at Rp 1,628, slightly below the market, while the average fair value estimate is Rp 1,441, implying a potential downside of about 14% from current levels.
Despite this, Astra’s entry as the largest shareholder could provide a re-rating catalyst, given the strategic backing and potential synergies with its broader business ecosystem.
Source: InvestingPro, data current as of publication.
HEAL is recognized as a prominent player in Indonesia’s healthcare industry, though it is flagged as trading at a high earnings multiple. The company has maintained dividend payments for seven consecutive years, underscoring financial discipline.
Its InvestingPro health score shows moderate profitability and growth metrics, with relative value ranked lower compared with sector peers. This suggests that while Hermina is priced at a premium, investor confidence rests on the growth potential of hospital demand in Indonesia.
ASII Valuation
Astra International (ASII) is currently trading at Rp 5,625 per share, close to the upper end of its 52-week range of Rp 4,370 to Rp 5,775. The stock is valued above the consensus analyst target of Rp 5,732, but still well below InvestingPro’s average fair value estimate of Rp 8,172, which implies an upside potential of about 45%.
Source: InvestingPro, data current as of publication.
This suggests that despite near-term pressure, Astra retains significant headroom for re-rating, particularly given its diversified exposure across automotive, mining, heavy equipment, and now healthcare following the Hermina acquisition.
Financial health metrics show a balanced profile, with strong relative value and profitability scores offsetting weaker growth momentum. The company continues to deliver high shareholder yield and pays significant dividends, making it attractive for long-term investors seeking stability with growth prospects.
However, Astra trades at a high price-to-earnings ratio relative to near-term earnings growth, highlighting the need for sustained performance across its business lines to justify valuations.
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