Kiwoom Research | 1H26 Equity Update - 24 August 2026 PT. Jayamas Medica Industri Tbk. (OMED) Strong 1H26 Earnings on Volume-Led Growth Key Takeaways: - Strong 1H26 Earnings Growth. OMED’s revenue increased 26.0% YoY to IDR 1.17tn, while net profit rose 43.2% YoY to IDR 221.5bn. Profitability also improved, with EBITDA margin reaching 23.3% and NPM rising to 19.0%. - Volume Remained the Main Growth Driver. Total sales volume grew 33.2% YoY, led by Medical Disposable & Consumables, where sales volume increased 43.5% and sales rose 30.3% YoY to IDR 595.0bn. Wound Care also remained solid, with sales growing 23.5% YoY. - Expansion Plans Support OMED’s Next Growth Phase. Management continues to focus on new product development, export expansion, additional retail stores, and stronger distribution. The planned start of IOL mass production in 4Q26 could provide an additional growth driver. Recommendation: "BUY” We upgrade our rating on OMED to "BUY" from "HOLD". Our valuation is based on a blended DCF and P/E approach, with an equal 50% weighting for each method. We determine a 12-month target price of IDR 280, adjusted from IDR 286 previously, implying a 19.7% upside potential from the last close of IDR 234. At our target price, OMED would trade at a 2026F P/E of 17.1x, broadly in line with its 3-year historical P/E average of 16.9x. Downside risks include weaker-than-expected demand, higher input costs, FX volatility, and slower execution of the company’s expansion plans. Liza Camelia Suryanata Head of Research Kevin Yudha Pratama Equity Research KIWOOM SEKURITAS INDONESIA