Fullerton Healthcare IPO: Valuation Implies that the Whole Is 3-4x Larger than the Sum-Of-The-Parts

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Fullerton Healthcare / Equity Capital Markets

<p>The listing of Fullerton Healthcare has been delayed by the Monetary Authority of Singapore in response to letters  (i.e., hate mail from doctors) questioning the company's business model.  We do not know the contents of these letters nor MAS' view of them, but think the deal will go through after a "tasteful delay".</p><p>We reached this conclusion based on our experience with similar situations in the US, and the fact that MAS approved the company's debt offering in June.</p>

The listing of Fullerton Healthcare has been delayed by the Monetary Authority of Singapore in response to letters  (i.e., hate mail from doctors) questioning the company's business model.  We do not know the contents of these letters nor MAS' view of them, but think the deal will go through after a "tasteful delay".We reached this conclusion based on our experience with similar situations in the US, and the fact that MAS approved the company's debt offering in June.

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