Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Shares of integrated private healthcare provider <strong><a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a></strong> are currently languishing around a three low. RMG <em>does</em> look attractive compared to regional healthcare plays. </li>
<li>FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. </li>
<li>Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from <a href="https://links.sgx.com/FileOpen/_Form%201%20-%20Dr%20Loo%20Choon%20Yong%20-%2028%20February%202024.ashx?App=Announcement&amp;FileID=790183" target="_blank" rel="noopener">53.033%</a> at the beginning of the year.</li>
</ul>


Shares of integrated private healthcare provider Raffles Medical Group (RFMD SP) are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays. 
FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. 
Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from 53.033% at the beginning of the year.


Raffles Medical (RFMD SP): Loo Sees A Bargain

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical (RFMD SP)</a> reported strong H1 2022 results, with double-digit growth in revenue and net profit. With the resumption of international travel, the company is seeing increasing patients.</li>
<li>While COVID-related revenue is declining, the company’s hospital business will benefit from the returning of foreign patients as well as resumption of elective surgeries for the domestic patients.</li>
<li>Raffles Medical has received the approval to set up an IVF clinic in Hainan province of China.</li>
</ul>



Raffles Medical (RFMD SP) reported strong H1 2022 results, with double-digit growth in revenue and net profit. With the resumption of international travel, the company is seeing increasing patients.
While COVID-related revenue is declining, the company’s hospital business will benefit from the returning of foreign patients as well as resumption of elective surgeries for the domestic patients.
Raffles Medical has received the approval to set up an IVF clinic in Hainan province of China.


Raffles Medical (RFMD SP): Stellar H1 Performance Driven by Resumption of Medical Tourism

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical (RFMD SP)</a> reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.</li>
<li>Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. </li>
<li>Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.</li>
</ul>



Raffles Medical (RFMD SP) reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.
Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. 
Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.


Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

Forensic Analyst

Jason Yap, CFA

<ul>
<li>Singapore will apply streamlined COVID-19 rules from 25 February 2022, with a focus on vaccination status instead of an aggressive testing and surveillance regime </li>
<li>We previously discussed how Raffles Medical benefits as the primary testing services provider at Changi airport and by facilitating Singapore's vaccination drive</li>
<li>Given the latest pivot in border protocols, and taking into account Singapore's high vaccination rates, we discuss whether our initial investment hypothesis remains intact</li>
</ul>


Singapore will apply streamlined COVID-19 rules from 25 February 2022, with a focus on vaccination status instead of an aggressive testing and surveillance regime 
We previously discussed how Raffles Medical benefits as the primary testing services provider at Changi airport and by facilitating Singapore's vaccination drive
Given the latest pivot in border protocols, and taking into account Singapore's high vaccination rates, we discuss whether our initial investment hypothesis remains intact


Raffles Medical (RFMD SP) - Pivot in SG Travel Rules, Testing Regime and Its Implications

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.

<ul><li>Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5 to 11, with S$44 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$25 million.</li><li>He acquired 144,700 shares of the company at S$0.352 per share, taking his total interest from 30.74 per cent to 30.77 per cent.</li><li>Goi also bought more shares of GSH Corporation, where he also serves as executive chairman.</li></ul>

Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5 to 11, with S$44 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$25 million.He acquired 144,700 shares of the company at S$0.352 per share, taking his total interest from 30.74 per cent to 30.77 per cent.Goi also bought more shares of GSH Corporation, where he also serves as executive chairman.

Sam Goi continues to boost his stakes in PSC and GSH

Singapore

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

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Raffles Medical Group (RFMD SP)

Raffles Medical (RFMD SP): Loo Sees A Bargain

Loo buying is positive. I doubt this is a pre-cursor to the family relinquishing control, or a third party takeover. More one of the Loo family...

David Blennerhassett

Raffles Medical (RFMD SP): Stellar H1 Performance Driven by Resumption of Medical Tourism

Raffles Medical’s H1 revenue grew 11%, while net profit jumped 51%. Resumption of medical tourism and returning of domestic patients seeking...

Tina Banerjee

Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

RMG’s operating performance remained resilient to the pandemic, driven by healthcare services business. Resumption of medical tourism in Singapore...

Tina Banerjee

Raffles Medical (RFMD SP) - Pivot in SG Travel Rules, Testing Regime and Its Implications

Singapore will apply streamlined COVID-19 rules from 25 Feb, with a focus on vaccination status instead of aggressive testing. We discuss whether...

Jason Yap, CFA

Sam Goi continues to boost his stakes in PSC and GSH

Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5...

Singapore Exchange Ltd (SGX)

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