Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<p>UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. </p><ul><li>1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 months</li><li>The company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)</li><li>Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017</li><li>UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium products</li><li>Stock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples</li></ul>

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 monthsThe company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium productsStock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

Malaysia

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

Kossan Rubber Industries Berhad manufactures and sells rubber products. Through its subsidiaries, the Company also manufactures and trades latex examination gloves as well as fabricates and installs machinery.

Supermax Corporation Berhad is an investment holding company whose subsidiaries manufacture, sell, and export various type of latex gloves around the world.

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

Careplus Group Berhad is an investment holding company. The Company's subsidiaries manufacture, process, and trade gloves, including latex, nitrile, and vinyl gloves. Careplus Group also provides other disposable protection products such as facemasks, respirators, gowns, and caps.

Adventa Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and distributes sterile surgical and medical examination gloves as well as distributes medical and hospital related products. Adventa also generates and supplies energy and electricity using biomass technology.

TMC Life Sciences Bhd provides health care services.  The Company offers human infertility consulting and treatment services.

Pharmaniaga Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures, markets, and distributes pharmaceutical and medical products to government hospitals and private institutions. Pharmaniaga also provides web portal services for online trading of health care products.

Focus Point Holdings Bhd owns and operates eye care centers. The Company also franchises eye care centers and provides medical eye care surgery and services.

Apex Healthcare Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures, distributes, and retails pharmaceutical products.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

JEOL Ltd. manufactures electron optics instruments and analytical instruments including electron microscope, X-ray diffractometer and spectrometer and thermographs.  The Company also makes semiconductor manufacturing equipment, medical equipment and industrial equipment.

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments.  The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures.  CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

LeMaitre Vascular, Inc. manufactures medical devices for vascular surgeons and interventionists.  The Company develops, produces, and markets disposable and implantable devices for the treatment of peripheral vascular disease, such as stent grafts, anastomotic clips, valvulotomes, radiopaque marking tape, shunts, and embolectomy catheters.

Veracyte, Inc. develops molecular tests for oncology. The Company offers molecular cytology and tests for the diagnostic accuracy of cytology samples. Veracyte provides its products and services to healthcare and molecular diagnostic companies in the United States.

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results...

Crispin Francis

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