HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The revenue brought by COVID-19 business wouldn’t be sustainable,and would decrease in the future. The lower-than-expected performance of the hospital services is hard to be the main driver for growth.</li>
<li>The performance contribution brought by medical tourism would be limited, just partially offset the decline of COVID-19 related revenue. Accordingly, we lowered our forecast on revenue and earnings in FY2022-FY2023.</li>
<li>Together with the concerns on China business, we have doubts about RMG’s outlook, which would weigh on bullish sentiment. In such a complicated environment, investors are recommended to play safe.</li>
</ul>


The revenue brought by COVID-19 business wouldn’t be sustainable,and would decrease in the future. The lower-than-expected performance of the hospital services is hard to be the main driver for growth.
The performance contribution brought by medical tourism would be limited, just partially offset the decline of COVID-19 related revenue. Accordingly, we lowered our forecast on revenue and earnings in FY2022-FY2023.
Together with the concerns on China business, we have doubts about RMG’s outlook, which would weigh on bullish sentiment. In such a complicated environment, investors are recommended to play safe.


Raffles Medical (RFMD SP) - Doubts About the Outlook Weigh on Bullish Sentiment

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<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> is a private medical provider in Singapore. The company owns and operates a network of medical clinics and hospitals.</li>
<li>The company’s earnings saw a boost in 2021 driven by demand for Covid-19 related services such as PCR tests, vaccine administration and operation of Cov-19 treatment facilities.</li>
<li>With Singapore reopening borders post Covid, we expect foreign patient volume to see a recovery, however, lower revenue from Covid related services would negatively impact earnings in 2022.</li>
</ul>



Raffles Medical (RFMD SP) is a private medical provider in Singapore. The company owns and operates a network of medical clinics and hospitals.
The company’s earnings saw a boost in 2021 driven by demand for Covid-19 related services such as PCR tests, vaccine administration and operation of Cov-19 treatment facilities.
With Singapore reopening borders post Covid, we expect foreign patient volume to see a recovery, however, lower revenue from Covid related services would negatively impact earnings in 2022.


Raffles Medical: Earnings to Remain Under Pressure in 2022 but Long-Term Prospects Remain Attractive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our the trading updates.</li>
</ul>


Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our the trading updates.


Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our earnings forecast and thoughts on valuation.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our earnings forecast and thoughts on valuation.


Rainbow Children’s Hospital IPO - Thoughts on Valuation

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about the recent updates and peer comparison.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about the recent updates and peer comparison.


Rainbow Children’s Hospital - Recent Updates and Peer Comp

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)

Raffles Medical (RFMD SP) - Doubts About the Outlook Weigh on Bullish Sentiment

The revenue from medical tourism would just partially offset the decline of COVID-19 related revenue.RMG's revenue/earnings in FY22-23 may go...

Xinyao (Criss) Wang

Raffles Medical: Earnings to Remain Under Pressure in 2022 but Long-Term Prospects Remain Attractive

We expect Raffles to be a key beneficiary of Singapore reopening, however, we expect the company’s earnings to remain under pressure in 2022E due...

Shifara Samsudeen, ACMA, CGMA

Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

Rainbow Children’s Hospital raised around US$200m in its India IPO. In this note, we look at the subscription levels and talk about the trading...

Sumeet Singh

Rainbow Children’s Hospital IPO - Thoughts on Valuation

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

Rainbow Children’s Hospital - Recent Updates and Peer Comp

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

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