Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

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<ul>
<li>
The listed healthcare sector in Singapore, as tracked by the benchmark iEdge SG All Healthcare Index, comprises companies that operate in the segments of pharmaceuticals and biotechnology, healthcare and patient services, as well as medical equipment and supplies. 
	 </li>
	<li>
In the 2019 YTD, the iEdge SG All Healthcare Index has registered a price gain of +3.0%, compared with gains of 8.9% for the MSCI AC Asia ex-Japan Health Care Index and 7.7% for the MSCI ACWI Asia Health Care Index. 
	 </li>
	<li>
Over the last 10 years, the market cap of Singapore’s healthcare sector – comprising primary and secondary listings – has expanded nearly 13-fold. In comparison, the market cap of healthcare stocks listed in the Asia-Pacific region – for both emerging and developed markets – has grown by approximately 4x. 
	 </li>
	<li>
In the 2019 YTD, the five best-performing healthcare services providers on SGX were: ISEC Healthcare (+26.5%), Cordlife Group (+15.6%), Singapore Medical Group (+12.5%), Singapore O&amp;G (+11.4%), and Medinex Ltd (+7.4%). The five have averaged a YTD total return of +14.7%. 
	 </li>
</ul>
Singapore’s healthcare sector is typically viewed as a defensive segment, poised to enjoy multi-year growth prospects. Drivers of Asia’s increased healthcare spending levels include accelerated ageing rates, the rise of lifestyle diseases like diabetes and hypertension, as well as growing disposable incomes. 

Frost &amp; Sullivan estimates that the Asia-Pacific healthcare industry expanded by 11% to US$517 billion in 2018 – representing one of the fastest growing regions worldwide – compared with an average 4.8% growth rate for the global healthcare sector. The positive expansion is fuelled by increasing adoption of technology, innovative healthcare access programs and delivery of care outside traditional hospital settings.

Market Cap Growth in Last Decade

As a result, over the last 10 years, the market capitalisation of Singapore’s healthcare sector – comprising primary and secondary listings – has increased nearly 13-fold. In comparison, the market cap of healthcare stocks listed in the region’s emerging markets has grown by 4.4x, while the market value of healthcare listings in Asia’s developed markets has expanded by 3.8x, over the same period. 
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-05/Chart123.PNG" alt="Charts">
 </figure>
 <div class="content-caption">Charts</div>
Performances of Singapore vs Asia’s Healthcare Indexes

The listed healthcare sector in Singapore, as tracked by the benchmark iEdge SG All Healthcare Index, comprises companies that operate in the segments of pharmaceuticals and biotechnology, healthcare and patient services, as well as medical equipment and supplies.

In the 2019 year-to-date, the iEdge SG All Healthcare Index has registered a price gain of 3.0%, compared with gains of 10.6% for the benchmark Straits Times Index (STI), 8.9% for the MSCI AC Asia ex-Japan Health Care Index, and 7.7% for the MSCI ACWI Asia Health Care Index.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-05/hyeu.PNG" alt="Chart2">
 </figure>
 <div class="content-caption">Chart2</div>
Healthcare Services Providers Pursue Geographic Expansion

There are 18 healthcare service providers listed on SGX that operate patient care services and facilities in Singapore and worldwide. These facilities include laboratories, hospitals, nursing homes and clinics that offer services and treatments ranging from family medicine, dentistry, endoscopy and aesthetics to gynaecology, oncology, paediatrics, orthopaedics, ophthalmology and even cord blood banking. These 18 healthcare services plays have a combined market capitalisation of more than S$40 billion.

Some of the healthcare services companies that have listed on SGX in the last two years include Medinex Ltd (December 2018), Asian Healthcare Specialists (April 2018), Clearbridge Health (December 2017), and Aoxin Q &amp; M Dental (April 2017).

The majority of Singapore’s healthcare service providers have also pursued international expansion plans in recent years. Their operations and assets span multiple geographies outside Singapore, including markets in South and Southeast Asia, Northeast Asia, as well as Middle East and Europe.

In particular, IHH Healthcare has medical centre and/or hospital operations in China, Hong Kong, India, Brunei and Malaysia, while its Europe and Middle East presence includes Mauritius, United Arab Emirates, Turkey, Bulgaria, Macedonia and the Netherlands. Likewise, OUE Lippo Healthcare has exposure to hospitals in China, Myanmar and Indonesia, as well as nursing and assisted living facilities in Japan. As for home-grown Raffles Medical Group, it now has a presence in 14 cities across Asia – operating hospitals in Hong Kong, Chongqing, Tianjin, Beijing and Shanghai, as well as clinics in Vietnam and Cambodia.

Investors can easily participate in the structural Asian healthcare theme through SGX-listed healthcare stocks that are rapidly expanding into regional and global markets to meet growing patient needs.

Best-Performing Healthcare Services Plays in YTD

In the 2019 YTD, the five best-performing healthcare service providers were: ISEC Healthcare (+26.5%), Cordlife Group (+15.6%), Singapore Medical Group (+12.5%), Singapore O&amp;G (+11.4%), and Medinex Ltd (+7.4%). The five have averaged a YTD total return of +14.7%, bringing their one-year, three-year and five-year total returns to -4.6%, +29.9% and +19.4% respectively.

The tables below detail the 18 healthcare service providers listed on SGX, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			Total Return 5Y (%)
			</td>
		</tr>
<tr>
<td>
			ISEC HEALTHCARE
			</td>
			<td>
			40T
			</td>
			<td>
			158
			</td>
			<td>
			26.5
			</td>
			<td>
			13.0
			</td>
			<td>
			30.4
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			CORDLIFE GROUP
			</td>
			<td>
			P8A
			</td>
			<td>
			110
			</td>
			<td>
			15.6
			</td>
			<td>
			-38.1
			</td>
			<td>
			-69.4
			</td>
			<td>
			-57.4
			</td>
		</tr>
<tr>
<td>
			SINGAPORE MEDICAL
			</td>
			<td>
			5OT
			</td>
			<td>
			213
			</td>
			<td>
			12.5
			</td>
			<td>
			-7.2
			</td>
			<td>
			181.2
			</td>
			<td>
			154.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE O&amp;G
			</td>
			<td>
			1D8
			</td>
			<td>
			186
			</td>
			<td>
			11.4
			</td>
			<td>
			9.3
			</td>
			<td>
			7.5
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			MEDINEX LTD
			</td>
			<td>
			OTX
			</td>
			<td>
			38
			</td>
			<td>
			7.4
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			OUE LIPPO HEALTHCARE
			</td>
			<td>
			5WA
			</td>
			<td>
			298
			</td>
			<td>
			3.1
			</td>
			<td>
			-40.2
			</td>
			<td>
			3.5
			</td>
			<td>
			-74.9
			</td>
		</tr>
<tr>
<td>
			CLEARBRIDGE HEALTH
			</td>
			<td>
			1H3
			</td>
			<td>
			84
			</td>
			<td>
			3.0
			</td>
			<td>
			-67.2
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			THOMSON MEDICAL
			</td>
			<td>
			A50
			</td>
			<td>
			19,567
			</td>
			<td>
			1.3
			</td>
			<td>
			-16.5
			</td>
			<td>
			-47.2
			</td>
			<td>
			-18.6
			</td>
		</tr>
<tr>
<td>
			HEALTH MGMT INTL
			</td>
			<td>
			588
			</td>
			<td>
			452
			</td>
			<td>
			0.6
			</td>
			<td>
			-17.2
			</td>
			<td>
			74.1
			</td>
			<td>
			233.5
			</td>
		</tr>
<tr>
<td>
			IHH HEALTHCARE
			</td>
			<td>
			Q0F
			</td>
			<td>
			15,697
			</td>
			<td>
			0.0
			</td>
			<td>
			-11.8
			</td>
			<td>
			-21.0
			</td>
			<td>
			21.1
			</td>
		</tr>
<tr>
<td>
			ASIAN HEALTHCARE
			</td>
			<td>
			1J3
			</td>
			<td>
			83
			</td>
			<td>
			-0.4
			</td>
			<td>
			-13.1
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS
			</td>
			<td>
			1B1
			</td>
			<td>
			86
			</td>
			<td>
			-2.6
			</td>
			<td>
			-12.6
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL
			</td>
			<td>
			BSL
			</td>
			<td>
			1,906
			</td>
			<td>
			-3.6
			</td>
			<td>
			-6.7
			</td>
			<td>
			-29.0
			</td>
			<td>
			-6.0
			</td>
		</tr>
<tr>
<td>
			Q&amp;M DENTAL
			</td>
			<td>
			QC7
			</td>
			<td>
			369
			</td>
			<td>
			-6.0
			</td>
			<td>
			-22.3
			</td>
			<td>
			-26.9
			</td>
			<td>
			32.3
			</td>
		</tr>
<tr>
<td>
			HEALTHWAY MEDICAL
			</td>
			<td>
			5NG
			</td>
			<td>
			131
			</td>
			<td>
			-9.4
			</td>
			<td>
			-40.8
			</td>
			<td>
			-12.1
			</td>
			<td>
			-54.0
			</td>
		</tr>
<tr>
<td>
			AOXIN Q &amp; M DENTAL
			</td>
			<td>
			1D4
			</td>
			<td>
			78
			</td>
			<td>
			-10.9
			</td>
			<td>
			-10.0
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			TALKMED GROUP
			</td>
			<td>
			5G3
			</td>
			<td>
			690
			</td>
			<td>
			-12.5
			</td>
			<td>
			-22.5
			</td>
			<td>
			18.5
			</td>
			<td>
			29.8
			</td>
		</tr>
<tr>
<td>
			ASIAMEDIC LTD
			</td>
			<td>
			505
			</td>
			<td>
			6.6
			</td>
			<td>
			-19.0
			</td>
			<td>
			-69.1
			</td>
			<td>
			-75.4
			</td>
			<td>
			-82.1
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			0.9
			</td>
			<td>
			-20.7
			</td>
			<td>
			1.9
			</td>
			<td>
			9.9
			</td>
		</tr>
</tbody></table>
<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Div Ind Yld (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			ROE %
			</td>
		</tr>
<tr>
<td>
			ISEC HEALTHCARE
			</td>
			<td>
			40T
			</td>
			<td>
			158
			</td>
			<td>
			5.1
			</td>
			<td>
			18.8
			</td>
			<td>
			12.7
			</td>
		</tr>
<tr>
<td>
			CORDLIFE GROUP
			</td>
			<td>
			P8A
			</td>
			<td>
			110
			</td>
			<td>
			0.8
			</td>
			<td>
			26.7
			</td>
			<td>
			3.5
			</td>
		</tr>
<tr>
<td>
			SINGAPORE MEDICAL
			</td>
			<td>
			5OT
			</td>
			<td>
			213
			</td>
			<td>
			NA
			</td>
			<td>
			16.5
			</td>
			<td>
			10.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE O&amp;G
			</td>
			<td>
			1D8
			</td>
			<td>
			186
			</td>
			<td>
			4.4
			</td>
			<td>
			20.3
			</td>
			<td>
			20.8
			</td>
		</tr>
<tr>
<td>
			MEDINEX LTD
			</td>
			<td>
			OTX
			</td>
			<td>
			38
			</td>
			<td>
			2.9
			</td>
			<td>
			38.3
			</td>
			<td>
			8.3
			</td>
		</tr>
<tr>
<td>
			OUE LIPPO HEALTHCARE
			</td>
			<td>
			5WA
			</td>
			<td>
			298
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			-6.2
			</td>
		</tr>
<tr>
<td>
			CLEARBRIDGE HEALTH
			</td>
			<td>
			1H3
			</td>
			<td>
			84
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			-34.0
			</td>
		</tr>
<tr>
<td>
			THOMSON MEDICAL
			</td>
			<td>
			A50
			</td>
			<td>
			19,567
			</td>
			<td>
			0.3^
			</td>
			<td>
			180.5
			</td>
			<td>
			1.6
			</td>
		</tr>
<tr>
<td>
			HEALTH MGMT INTL
			</td>
			<td>
			588
			</td>
			<td>
			452
			</td>
			<td>
			1.2
			</td>
			<td>
			23.9
			</td>
			<td>
			25.2
			</td>
		</tr>
<tr>
<td>
			IHH HEALTHCARE
			</td>
			<td>
			Q0F
			</td>
			<td>
			15,697
			</td>
			<td>
			0.5
			</td>
			<td>
			85.6
			</td>
			<td>
			2.3
			</td>
		</tr>
<tr>
<td>
			ASIAN HEALTHCARE
			</td>
			<td>
			1J3
			</td>
			<td>
			83
			</td>
			<td>
			1.6
			</td>
			<td>
			27.7
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS
			</td>
			<td>
			1B1
			</td>
			<td>
			86
			</td>
			<td>
			3.4
			</td>
			<td>
			11.1
			</td>
			<td>
			43.5
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL
			</td>
			<td>
			BSL
			</td>
			<td>
			1,906
			</td>
			<td>
			2.4
			</td>
			<td>
			27.6
			</td>
			<td>
			8.8
			</td>
		</tr>
<tr>
<td>
			Q&amp;M DENTAL
			</td>
			<td>
			QC7
			</td>
			<td>
			369
			</td>
			<td>
			1.7
			</td>
			<td>
			25.9
			</td>
			<td>
			12.8
			</td>
		</tr>
<tr>
<td>
			HEALTHWAY MEDICAL
			</td>
			<td>
			5NG
			</td>
			<td>
			131
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			-3.2
			</td>
		</tr>
<tr>
<td>
			AOXIN Q &amp; M DENTAL
			</td>
			<td>
			1D4
			</td>
			<td>
			78
			</td>
			<td>
			2.0
			</td>
			<td>
			NA
			</td>
			<td>
			-0.2
			</td>
		</tr>
<tr>
<td>
			TALKMED GROUP
			</td>
			<td>
			5G3
			</td>
			<td>
			690
			</td>
			<td>
			3.5
			</td>
			<td>
			22.6
			</td>
			<td>
			38.4
			</td>
		</tr>
<tr>
<td>
			ASIAMEDIC LTD
			</td>
			<td>
			505
			</td>
			<td>
			6.6
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			-70.7
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			1.7
			</td>
			<td>
			29.2
			</td>
			<td>
			4.1
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 2 May 2019)

^unpaid
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The listed healthcare sector in Singapore, as tracked by the benchmark iEdge SG All Healthcare Index, comprises companies that operate in the segments of pharmaceuticals and biotechnology, healthcare and patient services, as well as medical equipment and supplies. 
	 
	
In the 2019 YTD, the iEdge SG All Healthcare Index has registered a price gain of +3.0%, compared with gains of 8.9% for the MSCI AC Asia ex-Japan Health Care Index and 7.7% for the MSCI ACWI Asia Health Care Index. 
	 
	
Over the last 10 years, the market cap of Singapore’s healthcare sector – comprising primary and secondary listings – has expanded nearly 13-fold. In comparison, the market cap of healthcare stocks listed in the Asia-Pacific region – for both emerging and developed markets – has grown by approximately 4x. 
	 
	
In the 2019 YTD, the five best-performing healthcare services providers on SGX were: ISEC Healthcare (+26.5%), Cordlife Group (+15.6%), Singapore Medical Group (+12.5%), Singapore O&amp;G (+11.4%), and Medinex Ltd (+7.4%). The five have averaged a YTD total return of +14.7%. 
	 

Singapore’s healthcare sector is typically viewed as a defensive segment, poised to enjoy multi-year growth prospects. Drivers of Asia’s increased healthcare spending levels include accelerated ageing rates, the rise of lifestyle diseases like diabetes and hypertension, as well as growing disposable incomes. 

Frost &amp; Sullivan estimates that the Asia-Pacific healthcare industry expanded by 11% to US$517 billion in 2018 – representing one of the fastest growing regions worldwide – compared with an average 4.8% growth rate for the global healthcare sector. The positive expansion is fuelled by increasing adoption of technology, innovative healthcare access programs and delivery of care outside traditional hospital settings.

Market Cap Growth in Last Decade

As a result, over the last 10 years, the market capitalisation of Singapore’s healthcare sector – comprising primary and secondary listings – has increased nearly 13-fold. In comparison, the market cap of healthcare stocks listed in the region’s emerging markets has grown by 4.4x, while the market value of healthcare listings in Asia’s developed markets has expanded by 3.8x, over the same period. 

      
    
    Charts
Performances of Singapore vs Asia’s Healthcare Indexes

The listed healthcare sector in Singapore, as tracked by the benchmark iEdge SG All Healthcare Index, comprises companies that operate in the segments of pharmaceuticals and biotechnology, healthcare and patient services, as well as medical equipment and supplies.

In the 2019 year-to-date, the iEdge SG All Healthcare Index has registered a price gain of 3.0%, compared with gains of 10.6% for the benchmark Straits Times Index (STI), 8.9% for the MSCI AC Asia ex-Japan Health Care Index, and 7.7% for the MSCI ACWI Asia Health Care Index.

      
    
    Chart2
Healthcare Services Providers Pursue Geographic Expansion

There are 18 healthcare service providers listed on SGX that operate patient care services and facilities in Singapore and worldwide. These facilities include laboratories, hospitals, nursing homes and clinics that offer services and treatments ranging from family medicine, dentistry, endoscopy and aesthetics to gynaecology, oncology, paediatrics, orthopaedics, ophthalmology and even cord blood banking. These 18 healthcare services plays have a combined market capitalisation of more than S$40 billion.

Some of the healthcare services companies that have listed on SGX in the last two years include Medinex Ltd (December 2018), Asian Healthcare Specialists (April 2018), Clearbridge Health (December 2017), and Aoxin Q &amp; M Dental (April 2017).

The majority of Singapore’s healthcare service providers have also pursued international expansion plans in recent years. Their operations and assets span multiple geographies outside Singapore, including markets in South and Southeast Asia, Northeast Asia, as well as Middle East and Europe.

In particular, IHH Healthcare has medical centre and/or hospital operations in China, Hong Kong, India, Brunei and Malaysia, while its Europe and Middle East presence includes Mauritius, United Arab Emirates, Turkey, Bulgaria, Macedonia and the Netherlands. Likewise, OUE Lippo Healthcare has exposure to hospitals in China, Myanmar and Indonesia, as well as nursing and assisted living facilities in Japan. As for home-grown Raffles Medical Group, it now has a presence in 14 cities across Asia – operating hospitals in Hong Kong, Chongqing, Tianjin, Beijing and Shanghai, as well as clinics in Vietnam and Cambodia.

Investors can easily participate in the structural Asian healthcare theme through SGX-listed healthcare stocks that are rapidly expanding into regional and global markets to meet growing patient needs.

Best-Performing Healthcare Services Plays in YTD

In the 2019 YTD, the five best-performing healthcare service providers were: ISEC Healthcare (+26.5%), Cordlife Group (+15.6%), Singapore Medical Group (+12.5%), Singapore O&amp;G (+11.4%), and Medinex Ltd (+7.4%). The five have averaged a YTD total return of +14.7%, bringing their one-year, three-year and five-year total returns to -4.6%, +29.9% and +19.4% respectively.

The tables below detail the 18 healthcare service providers listed on SGX, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			Total Return 5Y (%)
			
		


			ISEC HEALTHCARE
			
			
			40T
			
			
			158
			
			
			26.5
			
			
			13.0
			
			
			30.4
			
			
			NA
			
		


			CORDLIFE GROUP
			
			
			P8A
			
			
			110
			
			
			15.6
			
			
			-38.1
			
			
			-69.4
			
			
			-57.4
			
		


			SINGAPORE MEDICAL
			
			
			5OT
			
			
			213
			
			
			12.5
			
			
			-7.2
			
			
			181.2
			
			
			154.2
			
		


			SINGAPORE O&amp;G
			
			
			1D8
			
			
			186
			
			
			11.4
			
			
			9.3
			
			
			7.5
			
			
			NA
			
		


			MEDINEX LTD
			
			
			OTX
			
			
			38
			
			
			7.4
			
			
			NA
			
			
			NA
			
			
			NA
			
		


			OUE LIPPO HEALTHCARE
			
			
			5WA
			
			
			298
			
			
			3.1
			
			
			-40.2
			
			
			3.5
			
			
			-74.9
			
		


			CLEARBRIDGE HEALTH
			
			
			1H3
			
			
			84
			
			
			3.0
			
			
			-67.2
			
			
			NA
			
			
			NA
			
		


			THOMSON MEDICAL
			
			
			A50
			
			
			19,567
			
			
			1.3
			
			
			-16.5
			
			
			-47.2
			
			
			-18.6
			
		


			HEALTH MGMT INTL
			
			
			588
			
			
			452
			
			
			0.6
			
			
			-17.2
			
			
			74.1
			
			
			233.5
			
		


			IHH HEALTHCARE
			
			
			Q0F
			
			
			15,697
			
			
			0.0
			
			
			-11.8
			
			
			-21.0
			
			
			21.1
			
		


			ASIAN HEALTHCARE
			
			
			1J3
			
			
			83
			
			
			-0.4
			
			
			-13.1
			
			
			NA
			
			
			NA
			
		


			HC SURGICAL SPECIALISTS
			
			
			1B1
			
			
			86
			
			
			-2.6
			
			
			-12.6
			
			
			NA
			
			
			NA
			
		


			RAFFLES MEDICAL
			
			
			BSL
			
			
			1,906
			
			
			-3.6
			
			
			-6.7
			
			
			-29.0
			
			
			-6.0
			
		


			Q&amp;M DENTAL
			
			
			QC7
			
			
			369
			
			
			-6.0
			
			
			-22.3
			
			
			-26.9
			
			
			32.3
			
		


			HEALTHWAY MEDICAL
			
			
			5NG
			
			
			131
			
			
			-9.4
			
			
			-40.8
			
			
			-12.1
			
			
			-54.0
			
		


			AOXIN Q &amp; M DENTAL
			
			
			1D4
			
			
			78
			
			
			-10.9
			
			
			-10.0
			
			
			NA
			
			
			NA
			
		


			TALKMED GROUP
			
			
			5G3
			
			
			690
			
			
			-12.5
			
			
			-22.5
			
			
			18.5
			
			
			29.8
			
		


			ASIAMEDIC LTD
			
			
			505
			
			
			6.6
			
			
			-19.0
			
			
			-69.1
			
			
			-75.4
			
			
			-82.1
			
		


			Average
			
			
			 
			
			
			 
			
			
			0.9
			
			
			-20.7
			
			
			1.9
			
			
			9.9
			
		




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Div Ind Yld (%)
			
			
			P/E (x)
			
			
			ROE %
			
		


			ISEC HEALTHCARE
			
			
			40T
			
			
			158
			
			
			5.1
			
			
			18.8
			
			
			12.7
			
		


			CORDLIFE GROUP
			
			
			P8A
			
			
			110
			
			
			0.8
			
			
			26.7
			
			
			3.5
			
		


			SINGAPORE MEDICAL
			
			
			5OT
			
			
			213
			
			
			NA
			
			
			16.5
			
			
			10.8
			
		


			SINGAPORE O&amp;G
			
			
			1D8
			
			
			186
			
			
			4.4
			
			
			20.3
			
			
			20.8
			
		


			MEDINEX LTD
			
			
			OTX
			
			
			38
			
			
			2.9
			
			
			38.3
			
			
			8.3
			
		


			OUE LIPPO HEALTHCARE
			
			
			5WA
			
			
			298
			
			
			NA
			
			
			NA
			
			
			-6.2
			
		


			CLEARBRIDGE HEALTH
			
			
			1H3
			
			
			84
			
			
			NA
			
			
			NA
			
			
			-34.0
			
		


			THOMSON MEDICAL
			
			
			A50
			
			
			19,567
			
			
			0.3^
			
			
			180.5
			
			
			1.6
			
		


			HEALTH MGMT INTL
			
			
			588
			
			
			452
			
			
			1.2
			
			
			23.9
			
			
			25.2
			
		


			IHH HEALTHCARE
			
			
			Q0F
			
			
			15,697
			
			
			0.5
			
			
			85.6
			
			
			2.3
			
		


			ASIAN HEALTHCARE
			
			
			1J3
			
			
			83
			
			
			1.6
			
			
			27.7
			
			
			NA
			
		


			HC SURGICAL SPECIALISTS
			
			
			1B1
			
			
			86
			
			
			3.4
			
			
			11.1
			
			
			43.5
			
		


			RAFFLES MEDICAL
			
			
			BSL
			
			
			1,906
			
			
			2.4
			
			
			27.6
			
			
			8.8
			
		


			Q&amp;M DENTAL
			
			
			QC7
			
			
			369
			
			
			1.7
			
			
			25.9
			
			
			12.8
			
		


			HEALTHWAY MEDICAL
			
			
			5NG
			
			
			131
			
			
			NA
			
			
			NA
			
			
			-3.2
			
		


			AOXIN Q &amp; M DENTAL
			
			
			1D4
			
			
			78
			
			
			2.0
			
			
			NA
			
			
			-0.2
			
		


			TALKMED GROUP
			
			
			5G3
			
			
			690
			
			
			3.5
			
			
			22.6
			
			
			38.4
			
		


			ASIAMEDIC LTD
			
			
			505
			
			
			6.6
			
			
			NA
			
			
			NA
			
			
			-70.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			1.7
			
			
			29.2
			
			
			4.1
			
		

Source: Bloomberg &amp; StockFacts (data as of 2 May 2019)

^unpaid



Five Best-Performing Healthcare Services Stocks Return 15% in YTD