Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Fullerton Healthcare / Equity Capital Markets

Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical benefit management services to employers across the region. The business features relatively stable growth and profitability and low capital intensity. The main use of proceeds will be for acquisitions to enter new markets both by service line and country. We think that fair value is S$1.0 billion based on peers and is at the lower end of the bankers' DCF projections.
We will revisit this offering once the deal formally launches. This post focuses on the business, projections, valuation (in brief), management, risks, and some key investments.

Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical benefit management services to employers across the region. The business features relatively stable growth and profitability and low capital intensity. The main use of proceeds will be for acquisitions to enter new markets both by service line and country. We think that fair value is S$1.0 billion based on peers and is at the lower end of the bankers' DCF projections.
We will revisit this offering once the deal formally launches. This post focuses on the business, projections, valuation (in brief), management, risks, and some key investments.

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.

Thematic (Sector/Industry)

<ul><li>Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.</li></ul><ul><li>
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…</li></ul>

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest height gain of any developed country, whereas Koreans have grown by an average of six inches over the last 100 years.

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest height gain of any developed country, whereas Koreans have grown by an average of six inches over the last 100 years. 

Equity Bottom-Up

Margin pressure continues through Q2 -- Q2 EPS were S0.95 cents (+2%) on a 19.8% increase in revenue (S$118.9 million) as expansion programs and the International SOS acquisition drag on margins. Most expense categories increased ahead of revenue (supplies +22%; staff +24%; lease +39%; other +34%), resulting in 4% growth in operating profit. Net income was essentially flat at S$16.1 million with tax expense +20% (20% tax rate). EBITDA came in at S$24.3 million (+7%). The earnings announcement is…

Margin pressure continues through Q2 -- Q2 EPS were S0.95 cents (+2%) on a 19.8% increase in revenue (S$118.9 million) as expansion programs and the International SOS acquisition drag on margins. Most expense categories increased ahead of revenue (supplies +22%; staff +24%; lease +39%; other +34%), resulting in 4% growth in operating profit. Net income was essentially flat at S$16.1 million with tax expense +20% (20% tax rate). EBITDA came in at S$24.3 million (+7%). The earnings announcement is…

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Khazanah plans to raise US$200m by selling down 1.6% of IHH Healthcare at a tight 0-1.5% discount. The deal scores a mixed score on our framework with its track record holding it in good stead while its largest shareholder selling down adds to the negatives. We note that Khazanah has been selling in bits and pieces ever since IHH listed in 2012, there has been news off late of Khazanah wanting to trim its holding further. However, the discount is tight while the stock is trading near its 52-week…

Khazanah plans to raise US$200m by selling down 1.6% of IHH Healthcare at a tight 0-1.5% discount. The deal scores a mixed score on our framework with its track record holding it in good stead while its largest shareholder selling down adds to the negatives. We note that Khazanah has been selling in bits and pieces ever since IHH listed in 2012, there has been news off late of Khazanah wanting to trim its holding further. However, the discount is tight while the stock is trading near its 52-week…

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Fullerton Healthcare: A High-Quality IPO

Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical...

Kemp Dolliver, CFA

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average...

Singapore Exchange Ltd (SGX)

A 'heads Up' on Changing World Heights

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest...

Bixmoor

Expansion Plans Continuing to Pinch

Margin pressure continues through Q2 -- Q2 EPS were S0.95 cents (+2%) on a 19.8% increase in revenue (S$118.9 million) as expansion programs and...

Kemp Dolliver, CFA

IHH Healthcare - No Surprises

Khazanah plans to raise US$200m by selling down 1.6% of IHH Healthcare at a tight 0-1.5% discount. The deal scores a mixed score on our framework...

Sumeet Singh

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