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

Thomson Medical Group Limited / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thomson-medical-group-limited" target="_blank" data-smartkarma-citation="entities:8495:1" rel="noopener">Thomson Medical Group Limited (TMG SP)</a> is a dual play on the re-opening of both Singapore and Malaysia. The company has a 70% stake in <a href="https://www.smartkarma.com/entities/tmc-life-sciences-bhd" target="_blank" data-smartkarma-citation="entities:12066:1" rel="noopener">Tmc Life Sciences (TMCL MK). </a>
</li>
<li>The company is seeing strong recovery across all its business segments and is cautiously optimistic of its business prospects in the current financial year.</li>
<li>The recent pullback in the shares provides a good entry point for long-term investors.  </li>
</ul>



Thomson Medical Group Limited (TMG SP) is a dual play on the re-opening of both Singapore and Malaysia. The company has a 70% stake in Tmc Life Sciences (TMCL MK). 

The company is seeing strong recovery across all its business segments and is cautiously optimistic of its business prospects in the current financial year.
The recent pullback in the shares provides a good entry point for long-term investors.  


Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong Recovery; Scale Expansion to Aid Growth

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

Agilus Diagnostics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/agilus-diagnostics-limited" target="_blank" data-smartkarma-citation="entities:40210:1" rel="noopener">Agilus Diagnostics Limited (SRLL IN)</a> is looking to raise around US$200m in its upcoming India IPO.</li>
<li>Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO.
Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
In this note, we look at the company’s past performance.


Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thomson-medical-group-limited" target="_blank" data-smartkarma-citation="entities:8495:1" rel="noopener">Thomson Medical Group Limited (TMG SP)</a> has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.</li>
<li>Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  </li>
<li>Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.</li>
</ul>



Thomson Medical Group Limited (TMG SP) has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.
Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  
Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.


Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

<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 2022 results, with 6% growth in revenue and 71% increase in net profit. Growth was driven by healthcare services, which contributed 58% of revenue.</li>
<li>With the reopening of borders and easing of COVID-19 related protocols in H2 2022, RMG saw a return of foreign patients seeking medical treatment in Singapore.</li>
<li>In view of the company’s strong performance, the Board recommended a dividend of 3.8 cents/share for 2022, representing an increase of 36% as compared to the previous year.</li>
</ul>



Raffles Medical (RFMD SP) reported strong 2022 results, with 6% growth in revenue and 71% increase in net profit. Growth was driven by healthcare services, which contributed 58% of revenue.
With the reopening of borders and easing of COVID-19 related protocols in H2 2022, RMG saw a return of foreign patients seeking medical treatment in Singapore.
In view of the company’s strong performance, the Board recommended a dividend of 3.8 cents/share for 2022, representing an increase of 36% as compared to the previous year.


Raffles Medical (RFMD SP): 2022 Result Tops Expectation; Medical Tourism Resumption to Drive Growth

Singapore

Thomson Medical Group Limited is a real estate group with capabilities in planning, architecture, engineering, investment, and development. The Company primarily engages in real estate and infrastructure development, consultancy services, real estate management, and investment holdings.

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Thomson Medical Group Limited (TMG 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

Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong Recovery; Scale Expansion to Aid Growth

Thomson Medical, with predominant focus on gynecology and pediatrics, is well-positioned to benefit from Singapore and Malaysia re-opening. Recent...

Tina Banerjee

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

Thomson Medical is eyeing a controlling stake in a Vietnam-based hospital. With an aging population, rapidly growing middle class, and increasing...

Tina Banerjee

Raffles Medical (RFMD SP): 2022 Result Tops Expectation; Medical Tourism Resumption to Drive Growth

Raffles reported significant margin improvement in 2022. Driven by medical tourism resumption and China opening, the company is expected to see...

Tina Banerjee

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