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1st) i dont know where you got " The rental expenses is almost the whole of the General & Administration Expenses." i attach the screenshot for you...page 73 of the report. Rental is IDR233 billion vs G&A of IDR1.5 trillion. can you pls verify your statement/numbers again?

2nd) i dont get why you dont like companies with negative FCF. I think the correct question should be, is the capex spending generating profit growth in the future? is the ROA/ROE justifiable? In this case, you can see yes the capex is spent, but the revenue/Opex has grown significantly because the money was spent on new hospitals generating new revenue. Profits margins stink when hospitals are in ramping up stage; just ask Raffles Hospitals or IHH (IHH takes 2 years at least to breakeven its HK project). They opened 4 new hospitals in 2018 and 8 in 2017.
btw, also if you see their slides, siloam is increasing owning their new hospitals vs selling them to first reit => and they highlighted this is the strategy going forward.

EBITDA margins are actually much higher at 11%+ area.
But am certainly not excited by its reported ROA or ROE, which is practically below their cost of financing. the growth probably also below expectations, looking at the share price. Probably need to get the management to get hold of how the matured hospitals are doing.

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