Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

General Electric  / Equity Capital Markets

<ul><li>General Electric delivered a decent result with a surprise positive free cash flow of $388 million contrary to market expectations.</li><li>The management has given a positive free cash flow guidance for the year as the company hopes to witness a recovery in its aviation business.</li><li>We expect the aviation business of the company to recover at a steady pace and maintain our ‘Hold’ rating on the stock.</li></ul>

General Electric delivered a decent result with a surprise positive free cash flow of $388 million contrary to market expectations.The management has given a positive free cash flow guidance for the year as the company hopes to witness a recovery in its aviation business.We expect the aviation business of the company to recover at a steady pace and maintain our ‘Hold’ rating on the stock.

General Electric Company - Investment Thesis

Founder of Antler Capital

Stanley Tsai, CFA

Equity Bottom-Up

BOC Aviation | BOCAVI <a href="https://www.smartkarma.com/entities/boc-aviation" target="_blank" data-smartkarma-citation="entities:22689:1" rel="noopener">(2588 HK)</a> 
As a follow-up on <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a>'s Smartkarma Original <a href="https://www.smartkarma.com/insights/asia-pac-airports-ups-but-mostly-downs" target="_blank" data-smartkarma-citation="insights:51855" rel="noopener">Asia-Pac Airports: Ups, But Mostly Downs</a>, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.
BOCAVI is a highly geared play on the resumption of air travel. The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.
Management's countercyclical capex expansion increasingly looks like a shrewd bet. At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  
We expect the firm's undiscounted committed revenues to top USD20bn in 2021. By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. 
We are buyers at book value. The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.
Attachment: BOCAVI Financial Summary

BOC Aviation | BOCAVI (2588 HK) 
As a follow-up on David Blennerhassett's Smartkarma Original Asia-Pac Airports: Ups, But Mostly Downs, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.
BOCAVI is a highly geared play on the resumption of air travel. The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.
Management's countercyclical capex expansion increasingly looks like a shrewd bet. At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  
We expect the firm's undiscounted committed revenues to top USD20bn in 2021. By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. 
We are buyers at book value. The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.
Attachment: BOCAVI Financial Summary

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

AdAlta is an Australian healthcare company focused on using its proprietary i-body discovery platform to target diseases, with an initial focus on conditions involving fibrosis. Its lead programme is AD-214 for the treatment of idiopathic pulmonary fibrosis, currently in Phase I. AdAlta has also licensed its platform to GE Healthcare for the purpose of diagnostic imaging.

In this interview, CEO Tim Oldham provides an overview of the company’s programmes and reviews the recently announced clinical data for AD-214 as well as the company’s partnership strategy.

See more at: https://www.edisongroup.com/edison-tv/

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (1869782D US)</a> provides a backend service for IoT (internet of things) device makers. Tuya offers its customers a Platform-as-a-Service (PaaS) for IoT devices that handles the connectivity, device software and application development. In 2020, Tuya was the largest IoT PaaS business globally as measured by the volume of smart devices powered, according to CIC.Tuya is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> (10.8% stake) and NEA (23.9% stake). Jeff Immelt, the former chairman and CEO of <a href="https://www.smartkarma.com/entities/general-electric-co" target="_blank" data-smartkarma-citation="entities:782:1" rel="noopener">General Electric Co (GE US)</a>, is a venture partner at NEA and has been appointed as a director at Tuya. Tuya has filed for an NYSE IPO to raise proceeds of $1 billion, according to press reports. Despite the growing user demand for smart IoT enabled devices driven by increased affordability and improved user experiences, most products are not connected yet. Devices related to smart home and smart business reached 762.8 million in 2019 and is expected to grow to 2.5 billion by 2024, representing a CAGR of 26.7%, according to CIC. This is a huge opportunity for companies that can offer their customers a cost-effective solution to bring their products online. <div class="content-highlight">PaaS is a key enabler to accelerate the launch of smart IoT enabled devices by making the software development cycles and feature update process time and cost-efficient. PaaS is a platform where third-party providers deliver software, infrastructure and hardware tools needed for software developers to build and manage software efficiently. Tuya’s PaaS solutions are well-positioned to benefit from the rising need for third-party IoT PaaS providers who can provide the required tools. Overall, we believe that Tuya’s fundamentals are attractive.</div>

Tuya Inc (1869782D US) provides a backend service for IoT (internet of things) device makers. Tuya offers its customers a Platform-as-a-Service (PaaS) for IoT devices that handles the connectivity, device software and application development. In 2020, Tuya was the largest IoT PaaS business globally as measured by the volume of smart devices powered, according to CIC.Tuya is backed by Tencent Holdings (700 HK) (10.8% stake) and NEA (23.9% stake). Jeff Immelt, the former chairman and CEO of General Electric Co (GE US), is a venture partner at NEA and has been appointed as a director at Tuya. Tuya has filed for an NYSE IPO to raise proceeds of $1 billion, according to press reports. Despite the growing user demand for smart IoT enabled devices driven by increased affordability and improved user experiences, most products are not connected yet. Devices related to smart home and smart business reached 762.8 million in 2019 and is expected to grow to 2.5 billion by 2024, representing a CAGR of 26.7%, according to CIC. This is a huge opportunity for companies that can offer their customers a cost-effective solution to bring their products online. PaaS is a key enabler to accelerate the launch of smart IoT enabled devices by making the software development cycles and feature update process time and cost-efficient. PaaS is a platform where third-party providers deliver software, infrastructure and hardware tools needed for software developers to build and manage software efficiently. Tuya’s PaaS solutions are well-positioned to benefit from the rising need for third-party IoT PaaS providers who can provide the required tools. Overall, we believe that Tuya’s fundamentals are attractive.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Scotts Miracle-Gro Co Cl A / Equity Bottom-Up

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-05/SMG-CEO.jpg' alt='SMG-CEO' />
 </figure>
 <div class='content-caption'>SMG-CEO</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
For medical entrepreneur Dr Beng Teck Liang, taking the road less travelled nearly two decades ago has made a difference - and a serendipitous one at that. 
The scion of an urologist, Beng began his career as a Medical Officer with Singapore's Ministry of Health in 1996, after graduating from the UK's University of Manchester Medical School. 
"Although I was trained as a doctor, I wanted something more, so I decided to take a different path from my peers, and move from medicine to business," said the Chief Executive Officer of SGX-listed healthcare services provider Singapore Medical Group Ltd (SMG). 
So he retooled himself with a Master's in Business Administration from the University of Chicago's Booth School of Business and a General Management Programme from Harvard Business School. 
After spending the next decade managing multi-billion dollar businesses in information technology and healthcare across Asia Pacific for multinational corporations Hewlett-Packard and General Electric, Beng was ready once again to steer in a new direction. 
"I wanted to build something for myself. And when my partners and I saw the opportunity with SMG at that time, we decided to go for it," he recalled. "We launched a takeover and general offer for the company in 2013, and the rest is, undoubtedly, a beautiful history." 
However, the milestones that SMG achieved in the succeeding seven years did not come easy - hard decisions and sleepless nights were inevitable. 
"SMG had seen better days - its reputation was marred by controversy, business was shrinking, and we were months away from going broke. The stakes were really high at the time," Beng recalled. 
"We had to reorganise teams, cut costs, retrench or fire staff, before we could grow again. During the first year, I was constantly asking myself, What did I get myself into? Am I really going to make this work?" 
Determination and discipline, as well as biting not one, but several bullets, eventually yielded results. "We managed to turn around, slowly but surely, and looking back now, there's a tremendous sense of satisfaction," he added. 
And the proof, as they say, is in the pudding: For the year ended 31 December 2019, SMG reported a 11.3% year-over-year jump in revenue to a record S$94.7 million, driven by growth across all business segments. 
Operating cash flows rose to S$25.7 million for the year from S$16.8 million in FY2018. 
Today, SMG has a market capitalisation of more than S$120 million, up six-fold from its value of about S$20 million before the takeover. 
Incorporated in 2005 and listed on Singapore Exchange since 2009, SMG is a private specialist healthcare provider, with a comprehensive range of multidisciplinary specialties and an extensive network of Specialist and Associate doctors in clinics across Singapore. 
SMG's practices can be found in both central and suburban locations, including Paragon Medical Centre, Mount Elizabeth Medical Centre, Gleneagles Medical Centre, Mount Alvernia Medical Centre, as well as Bishan, Bedok, Toa Payoh and Punggol. Its specialties include Aesthetics, Cardiology, Dentistry, Medical Oncology, Obstetrics &amp; Gynaecology, Paediatrics, as well as Plastic and Reconstruction Surgery. Unswerving Focus 
Right from the start, Beng's vision for SMG was crystal-clear: Export the Singapore brand of healthcare - which is well-loved and well-respected in the region - beyond domestic shores. 
"Apart from the biggest players in this space, like Parkway Pantai and Raffles Medical Group, there are no small and medium companies who have a significant pan-Asian presence." 
SMG aims to change that. Today, it has an expanding footprint in Indonesia, a network of clinics in Vietnam, and a robust in-vitro fertilisation (IVF) business in Australia. "We were ahead of our peers in terms of taking that leap and targeting the markets, which are traditional sources of medical tourists in the region," Beng said. 
"Singapore's share of the region's medical tourism pie has been declining - we knew it would end at some point - so our goal was to bring the best-quality healthcare over to these countries. And I think we have made a lot of progress in achieving that." 
Apart from its regional footprint, the Group has also differentiated itself from competitors through its diversification strategy. "Our specialties cut across five verticals - cancer, aesthetics, paediatrics, diagnostics, as well as obstetrics and gynaecology - and we're a significant player in each vertical." 
SMG has also established a wide network of clinics across the city-state - of its 36 clinics, more than two-thirds are in the heartlands. It is incubating other businesses, while some potential verticals, like dental and ophthamology, have yet to grow to a significant size, Beng added. 
In partnership with South Korean healthcare group CHA Health Systems, SMG will actively pursue projects in Vietnam, Singapore, Oceania and other key Pacific Rim markets to address burgeoning demand for fertility services, as the region's birth rates continue to decline. 
The Group will also leverage CHA's expertise in anti-ageing care, as well as Korea's dermatology and aesthetics know-how, to boost its lead in various specialties, including oncology. 
"The CHA-SMG partnership is expected to lay the foundation for Asia-Pacific's first dedicated platform for comprehensive wellness care, spanning the anti-ageing, beauty and preventive care spectrums," he noted. 
Last year, an international unit of CHA invested S$50 million in SMG, raising its stake to 24.04% and becoming the Group's controlling shareholder. Silver Lining 
These days, what keeps the 48-year-old awake in the wee hours is none other than the COVID-19 outbreak. "This virtual enemy has complicated our previously simple growth strategy, which revolved around how fast we could expand, which markets to venture into, and which partners we should bring on board," he said. 
Lockdowns across the region have prevented ASEAN patients from carrying out their normal clinic visits. "COVID-19 will definitely impact us - about 20% to 30% of our business comes from ASEAN." 
Thankfully, there is a silver lining. "We unveiled our telehealth business at the beginning of last year, and are starting to reap the benefits of that," he noted. Patients can seek specialist care via tele-consultation through SMG's HiDoc platform, which is easily accessed via a mobile app or website. 
"We see huge opportunities in this space as medical tourism grinds to a halt from the pandemic." 
Looking back, Beng attributes SMG's success to key decisions made seven years ago, one of them being a "Buy and Grow" strategy. "Acquisitions helped us scale up and provided a catalyst for growth. Our verticals doubled or tripled in size after we came across opportunities to acquire clinics, and acted quickly," he said. 
"But we've never rested on our laurels - we're always mindful that we still need to maintain organic growth within our networks by opening new clinics and adding specialists." 
Between 2015 and 2019, SMG added more than 20 specialists to its fold, reflecting an 85% increase to 48 from 26. The pool has been expanding every year, largely through acquisitions of medical practices and the hiring of specialists from the public healthcare sector. 
At the end of the day, ushering SMG into its next phase of growth - and on the global stage, no less - is what keeps this father of two boys, aged 12 and 15, going. 
What's exciting is the fact that the Group has the opportunity to change how healthcare is perceived and delivered, both in this region and beyond, said Beng. 
"We're one of the biggest movers and shakers in the healthcare space now, because of the track record we've established over the last seven years," he pointed out. 
"SMG is part of a global collaborative platform that's growing, not just in Southeast Asia and the South Pacific, but in North Asia, and also further afield in the US and elsewhere." Singapore Medical Group Ltd 
Incorporated in 2005 and listed on SGX since 2009, Singapore Medical Group (SMG) is a private specialist healthcare provider with a comprehensive range of multidisciplinary specialties, and an extensive network of Specialist and Associate doctors located in clinics across Singapore. 
SMG's practices can be found at Paragon Medical Centre, Mount Elizabeth Medical Centre, Novena Medical Center, OUE Downtown Gallery, Gleneagles Medical Centre, Farrer Park Medical Centre@Connexion, and Mount Alvernia Medical Centre. Suburban locations include Bishan, Bedok, Toa Payoh and Punggol. Its specialties include Aesthetics, Cardiology, Dentistry, Medical Oncology, Obstetrics &amp; Gynaecology, Paediatrics, as well as Plastic and Reconstruction Surgery. 
The company website is: <a href="http://edm.sgx.com/a/hBetL0iB86%24MfB91z9HAAPJbdH7/link8">www.smg.sg</a>.

Click <a href="http://edm.sgx.com/a/hBetL0iB86%24MfB91z9HAAPJbdH7/link9">here</a> for the company's StockFacts page. 
For the full year ended 31 December 2019 financial results, click <a href="http://edm.sgx.com/a/hBetL0iB86%24MfB91z9HAAPJbdH7/link10">here</a>.
</body></html>


      
    
    SMG-CEO


For medical entrepreneur Dr Beng Teck Liang, taking the road less travelled nearly two decades ago has made a difference - and a serendipitous one at that.  
The scion of an urologist, Beng began his career as a Medical Officer with Singapore's Ministry of Health in 1996, after graduating from the UK's University of Manchester Medical School.  
"Although I was trained as a doctor, I wanted something more, so I decided to take a different path from my peers, and move from medicine to business," said the Chief Executive Officer of SGX-listed healthcare services provider Singapore Medical Group Ltd (SMG).  
So he retooled himself with a Master's in Business Administration from the University of Chicago's Booth School of Business and a General Management Programme from Harvard Business School.  
After spending the next decade managing multi-billion dollar businesses in information technology and healthcare across Asia Pacific for multinational corporations Hewlett-Packard and General Electric, Beng was ready once again to steer in a new direction.  
"I wanted to build something for myself. And when my partners and I saw the opportunity with SMG at that time, we decided to go for it," he recalled. "We launched a takeover and general offer for the company in 2013, and the rest is, undoubtedly, a beautiful history."  
However, the milestones that SMG achieved in the succeeding seven years did not come easy - hard decisions and sleepless nights were inevitable.  
"SMG had seen better days - its reputation was marred by controversy, business was shrinking, and we were months away from going broke. The stakes were really high at the time," Beng recalled.  
"We had to reorganise teams, cut costs, retrench or fire staff, before we could grow again. During the first year, I was constantly asking myself, What did I get myself into? Am I really going to make this work?"  
Determination and discipline, as well as biting not one, but several bullets, eventually yielded results. "We managed to turn around, slowly but surely, and looking back now, there's a tremendous sense of satisfaction," he added.  
And the proof, as they say, is in the pudding: For the year ended 31 December 2019, SMG reported a 11.3% year-over-year jump in revenue to a record S$94.7 million, driven by growth across all business segments. 
Operating cash flows rose to S$25.7 million for the year from S$16.8 million in FY2018.  
Today, SMG has a market capitalisation of more than S$120 million, up six-fold from its value of about S$20 million before the takeover.  
Incorporated in 2005 and listed on Singapore Exchange since 2009, SMG is a private specialist healthcare provider, with a comprehensive range of multidisciplinary specialties and an extensive network of Specialist and Associate doctors in clinics across Singapore.  
SMG's practices can be found in both central and suburban locations, including Paragon Medical Centre, Mount Elizabeth Medical Centre, Gleneagles Medical Centre, Mount Alvernia Medical Centre, as well as Bishan, Bedok, Toa Payoh and Punggol. Its specialties include Aesthetics, Cardiology, Dentistry, Medical Oncology, Obstetrics &amp; Gynaecology, Paediatrics, as well as Plastic and Reconstruction Surgery.  Unswerving Focus  
Right from the start, Beng's vision for SMG was crystal-clear: Export the Singapore brand of healthcare - which is well-loved and well-respected in the region - beyond domestic shores.  
"Apart from the biggest players in this space, like Parkway Pantai and Raffles Medical Group, there are no small and medium companies who have a significant pan-Asian presence."  
SMG aims to change that. Today, it has an expanding footprint in Indonesia, a network of clinics in Vietnam, and a robust in-vitro fertilisation (IVF) business in Australia. "We were ahead of our peers in terms of taking that leap and targeting the markets, which are traditional sources of medical tourists in the region," Beng said.  
"Singapore's share of the region's medical tourism pie has been declining - we knew it would end at some point - so our goal was to bring the best-quality healthcare over to these countries. And I think we have made a lot of progress in achieving that."  
Apart from its regional footprint, the Group has also differentiated itself from competitors through its diversification strategy. "Our specialties cut across five verticals - cancer, aesthetics, paediatrics, diagnostics, as well as obstetrics and gynaecology - and we're a significant player in each vertical."  
SMG has also established a wide network of clinics across the city-state - of its 36 clinics, more than two-thirds are in the heartlands. It is incubating other businesses, while some potential verticals, like dental and ophthamology, have yet to grow to a significant size, Beng added.  
In partnership with South Korean healthcare group CHA Health Systems, SMG will actively pursue projects in Vietnam, Singapore, Oceania and other key Pacific Rim markets to address burgeoning demand for fertility services, as the region's birth rates continue to decline.  
The Group will also leverage CHA's expertise in anti-ageing care, as well as Korea's dermatology and aesthetics know-how, to boost its lead in various specialties, including oncology.  
"The CHA-SMG partnership is expected to lay the foundation for Asia-Pacific's first dedicated platform for comprehensive wellness care, spanning the anti-ageing, beauty and preventive care spectrums," he noted.  
Last year, an international unit of CHA invested S$50 million in SMG, raising its stake to 24.04% and becoming the Group's controlling shareholder.  Silver Lining  
These days, what keeps the 48-year-old awake in the wee hours is none other than the COVID-19 outbreak. "This virtual enemy has complicated our previously simple growth strategy, which revolved around how fast we could expand, which markets to venture into, and which partners we should bring on board," he said.  
Lockdowns across the region have prevented ASEAN patients from carrying out their normal clinic visits. "COVID-19 will definitely impact us - about 20% to 30% of our business comes from ASEAN."  
Thankfully, there is a silver lining. "We unveiled our telehealth business at the beginning of last year, and are starting to reap the benefits of that," he noted. Patients can seek specialist care via tele-consultation through SMG's HiDoc platform, which is easily accessed via a mobile app or website.  
"We see huge opportunities in this space as medical tourism grinds to a halt from the pandemic."  
Looking back, Beng attributes SMG's success to key decisions made seven years ago, one of them being a "Buy and Grow" strategy. "Acquisitions helped us scale up and provided a catalyst for growth. Our verticals doubled or tripled in size after we came across opportunities to acquire clinics, and acted quickly," he said.  
"But we've never rested on our laurels - we're always mindful that we still need to maintain organic growth within our networks by opening new clinics and adding specialists."  
Between 2015 and 2019, SMG added more than 20 specialists to its fold, reflecting an 85% increase to 48 from 26. The pool has been expanding every year, largely through acquisitions of medical practices and the hiring of specialists from the public healthcare sector.  
At the end of the day, ushering SMG into its next phase of growth - and on the global stage, no less - is what keeps this father of two boys, aged 12 and 15, going.  
What's exciting is the fact that the Group has the opportunity to change how healthcare is perceived and delivered, both in this region and beyond, said Beng.  
"We're one of the biggest movers and shakers in the healthcare space now, because of the track record we've established over the last seven years," he pointed out.  
"SMG is part of a global collaborative platform that's growing, not just in Southeast Asia and the South Pacific, but in North Asia, and also further afield in the US and elsewhere."  Singapore Medical Group Ltd  
Incorporated in 2005 and listed on SGX since 2009, Singapore Medical Group (SMG) is a private specialist healthcare provider with a comprehensive range of multidisciplinary specialties, and an extensive network of Specialist and Associate doctors located in clinics across Singapore.  
SMG's practices can be found at Paragon Medical Centre, Mount Elizabeth Medical Centre, Novena Medical Center, OUE Downtown Gallery, Gleneagles Medical Centre, Farrer Park Medical Centre@Connexion, and Mount Alvernia Medical Centre. Suburban locations include Bishan, Bedok, Toa Payoh and Punggol. Its specialties include Aesthetics, Cardiology, Dentistry, Medical Oncology, Obstetrics &amp; Gynaecology, Paediatrics, as well as Plastic and Reconstruction Surgery.  
The company website is: www.smg.sg.

Click here for the company's StockFacts page.  
For the full year ended 31 December 2019 financial results, click here.



Singapore Medical Group Eyes Global Stage

United States

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

General Electric (GE US)

General Electric Company - Investment Thesis

General Electric delivered a decent result with a surprise positive free cash flow of $388 million contrary to market expectations. The management...

Baptista Research

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

As downstream players continue to hemorrhage cash, over 99% of BOCAVI’s aircraft are still cash-generating. Valuation is undemanding for a high...

Stanley Tsai, CFA

Video: AdAlta - executive interview

AdAlta is an Australian healthcare company focused on using its proprietary i-body discovery platform to target diseases, with an initial focus on...

Edison Investment Research

Tuya IPO Initiation: Connected Future

Tencent-backed Tuya has filed for an NYSE IPO to raise proceeds of $1 billion, according to press reports. Overall, we believe that Tuya’s...

Arun George

Singapore Medical Group Eyes Global Stage

For medical entrepreneur Dr Beng Teck Liang, taking the road less travelled nearly two decades ago has made a difference - and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)