Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  <h2>Results Highlights:</h2><ul>
<li>Revenue: +0.3% on a continued drop in international patients</li>
<li>Operating income: down 0.9% with very tight cost containment in most expense categories.</li>
<li>…</li>
</ul>

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  Results Highlights:
Revenue: +0.3% on a continued drop in international patients
Operating income: down 0.9% with very tight cost containment in most expense categories.
…


<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: +1.0% on a continued drop in international patients</li>
<li>Operating income: down 1.9% with very tight cost containment in most expense categories.</li>
<li>Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)</li>
</ul>Management noted the continued weakness in international patients as the main cause of slower growth. One…

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: +1.0% on a continued drop in international patients
Operating income: down 1.9% with very tight cost containment in most expense categories.
Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)
Management noted the continued weakness in international patients as the main cause of slower growth. One…

Sluggish Revenue Growth With New Capacity Coming

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: down 1.7% on a drop in international patients</li>
<li>Operating income: down 3.4% with very tight cost containment in most expense categories.</li>
<li>Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)</li>
</ul>Management's commentary was rightfully sober: <blockquote>Going forward, demand for healthcare services may be…</blockquote>

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: down 1.7% on a drop in international patients
Operating income: down 3.4% with very tight cost containment in most expense categories.
Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)
Management's commentary was rightfully sober: Going forward, demand for healthcare services may be…

Raffles Medical: Ouch! Revenue DECLINE in Q1

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

In this week's ASEAN Weekly, I decided to fill in for the series as I suspect <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> is collecting good stories in J-town but got stuck in heavy traffic (with no Internet connection).  Macro<a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> asks if tax increases are really needed in Singapore, given that healthcare and social spending is rising at a rapid clip. In Malaysia, with the Malaysian ringgit down 6.7% YoY and higher oil prices that take inflation above 3% YoY,  <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> expects Bank Negara to raise…

In this week's ASEAN Weekly, I decided to fill in for the series as I suspect Angus Mackintosh is collecting good stories in J-town but got stuck in heavy traffic (with no Internet connection).  MacroManu Bhaskaran asks if tax increases are really needed in Singapore, given that healthcare and social spending is rising at a rapid clip. In Malaysia, with the Malaysian ringgit down 6.7% YoY and higher oil prices that take inflation above 3% YoY,  Prasenjit K. Basu expects Bank Negara to raise…

The Week That Was in Asean@Smartkarma - Sweet Deals, Seaweeds and Shifting Patient Flows

Bumrungrad Hospital Pub Co / Equity Bottom-Up

Declines in international patient volumes weighed on the year-end results for both <a href="https://www.smartkarma.com/entities/883" target="_blank" data-smartkarma-citation="entities:883:1">Bumrungrad Hospital Pub Co (BH TB)</a> and <a href="https://www.smartkarma.com/entities/875" target="_blank" data-smartkarma-citation="entities:875:1">Bangkok Dusit Med Service (BDMS TB</a>). Middle Eastern governments' reductions in spending for medical care provided outside the region took effect in mid-2016, and will continue to bite through mid-2017. Both companies' efforts to increase international patient flow from new markets don't appear to be paying off quickly.  Shares of both companies likely will be range-bound until growth accelerates.

Declines in international patient volumes weighed on the year-end results for both Bumrungrad Hospital Pub Co (BH TB) and Bangkok Dusit Med Service (BDMS TB). Middle Eastern governments' reductions in spending for medical care provided outside the region took effect in mid-2016, and will continue to bite through mid-2017. Both companies' efforts to increase international patient flow from new markets don't appear to be paying off quickly.  Shares of both companies likely will be range-bound until growth accelerates. 

Singapore

Talkmed Group Limited provides medical oncology services to patients.

Q & M Dental Group (Singapore) Limited operates dental clinics. The Company offers aesthetic, children's and general dentistry; fits crowns, dentures and braces; and offers bleeding gum treatment, gum surgery and oral surgery; and treats snoring and teeth grinding.

Healthway Medical Corp. Ltd. provides outpatient medical services in Singapore. The Company offers care in the areas of family medicine, specialists care, dental and oral care and medical aesthetics.

ISEC Healthcare Ltd. provides eyecare (ophthalmology) services in Malaysia and Singapore. The Company provides clinical care, research and educational services. ISEC Healthcare operates across Malaysia and Singapore.

OUE Lippo Healthcare Limited ("OUELH") is a subsidiary company of OUE Limited ("OUE") and is listed on the Catalist Board of Singapore Exchange Securities Trading Limited.

OUELH provides high-quality and sustainable healthcare solutions through the acquisition, development, management, and operations of healthcare facilities across Asia. Leveraging on the strategic partnerships it has, OUELH continually seeks to expand its portfolio across the region.

Established in May 2001, Cordlife Group Limited ("Cordlife", together with its subsidiaries, the "Group") is a leading company dedicated to safeguarding the well-being of mother and child. The Group is listed on the Mainboard of the Singapore Exchange since 2012 and is a pioneer in private cord blood banking in Asia.

Cordlife owns the largest network of cord blood banks in Asia with full stem cell banking facilities in six key markets, namely Singapore, Hong Kong, Indonesia, India, Malaysia and the Philippines. In Singapore, Hong Kong, the Philippines and Indonesia, Cordlife operates the largest private cord blood banks and it is amongst the top three market leaders in India and Malaysia. In January 2018, Cordlife became the market leader in Hong Kong with the acquisition of the largest private cord blood bank, Healthbaby Biotech (Hong Kong) Co., Limited. Through its majority-owned subsidiary in Malaysia, Stemlife Berhad, Cordlife holds an indirect stake in Thailand's largest private cord blood bank, Thai Stemlife. Cordlife has also established its presence in Myanmar, Vietnam, Macau, Brunei and Bangladesh.

Beyond cord blood, cord lining and cord tissue banking, Cordlife offers a comprehensive suite of diagnostics services for the family including non-invasive prenatal testing, paediatric vision screening, newborn metabolic screening and family genetic screening services.  Quality and customer focus are amongst some of the cornerstones of Cordlife.

HC Surgical Specialists Limited operates as a medical services group. The Company focuses on the provision of endoscopic procedures, including gastroscopies and colonoscopies, and general surgery services with a focus on colorectal procedures. HC Surgical Specialists serves customers in Singapore.

AsiaMedic Limited is a healthcare provider that focuses on the management of clinical services in the fields of disease prevention, early illness detection, and advanced diagnostics. The Company provides clinical and management services in Singapore and Internationally.

Religare Health Trust is structured as a business trust and invests in medical and healthcare assets and services in Asia, Australasia and emerging markets.

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

SHIP HEALTHCARE HOLDINGS, INC. mainly distributes medical equipment and physics & chemistry equipment.  The Company also sells equipment used for medical facility and office automation.  Ship Healthcare provides integrated consultation as well as maintenance services.

AS ONE CORPORATION wholesales laboratory equipment, scientific equipment, and related products.  The Company sells its products through catalogs and provides quick delivery by using the on-line ordering system.

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

Tibet Rhodiola Pharmaceutical Holding Co. develops, manufactures, and markets Tibet medicines.  The Company's products include Rhodiola capsules, Rhodiola pellets, and other related medicines.

Brookdale Senior Living Inc. operates senior living facilities in the United States.  The Company offers its residents access to a full continuum of services across all sectors of the senior living industry.  Brookdale Senior operates independent living facilities, assisted living facilities, continuing care retirement communities, and a skilled nursing facility.

U.S. Physical Therapy, Inc. develops, owns, and operates outpatient physical therapy clinics in partnership with physical therapists. The Company and its partners operate freestanding outpatient clinics throughout the United States.

Spire Healthcare Group PLC provides private healthcare throughout the United Kingdom.

AEVIS VICTORIA SA operates as an investment company. The Company focuses on investments in healthcare, lifestyle, and infrastructure sectors. AEVIS VICTORIA investments includes private clinics in medical residences, ambulatory centers, and medical real estate and infrastructures.

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)

Q3: Reality Starting to Sink In

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up...

Kemp Dolliver, CFA

Sluggish Revenue Growth With New Capacity Coming

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company...

Kemp Dolliver, CFA

Raffles Medical: Ouch! Revenue DECLINE in Q1

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company...

Kemp Dolliver, CFA

The Week That Was in Asean@Smartkarma - Sweet Deals, Seaweeds and Shifting Patient Flows

In this week's ASEAN Weekly, I decided to fill in for the series as I suspect Angus Mackintosh is collecting good stories in J-town but got stuck...

Valerie Law, CFA

The Oil Slick Continues to Spread

Declines in international patient volumes weighed on the year-end results for both Bumrungrad Hospital Pub Co (BH TB) and Bangkok Dusit Med Service...

Kemp Dolliver, CFA

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