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

Equity Bottom-Up

<p><i><b>These equity research reports are not written by the SGX.</b> SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</i></p><div>
<div>
<div>
<div>
<p>INITIATION</p>
<div>
<div>
<div>
<div>
<h2>Singapore O&amp;G</h2>
<div>
<div>
<div>
<p><strong>Looking a little pale</strong></p>
<div>
<div>
<div>
<ul>
<li>Singapore O&amp;G (SOG) remains a key player among women’s healthcare providers, with a relatively strong and stable market share since IPO. Its Obstetrics and Gynaecology (O&amp;G) specialists continue to outperform, delivering close to 9% of all private hospital deliveries. The Group’s O&amp;G segment remains solid, contributing close to 55% of 2019 revenues.</li>
<li>SOG currently has a total of 15 specialists, five of whom are senior doctors who contribute more than 50% of revenues. On top of this, we recognize that four are part of seven- man O&amp;G team, while Dr Joyce Lim’s dermatology practice has had to take an impairment charge in FY2019 as it faces headwinds due to an increasingly competitive landscape.</li>
<li>We initiate on SOG with NEUTRAL, and a 12-month target price (TP) of S$0.32. We highlight the key risks as a basis for our NEUTRAL rating despite the inherent upside, and will re-evaluate our forecasts after 1H20 results.</li>
</ul>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.



INITIATION




Singapore O&amp;G



Looking a little pale




Singapore O&amp;G (SOG) remains a key player among women’s healthcare providers, with a relatively strong and stable market share since IPO. Its Obstetrics and Gynaecology (O&amp;G) specialists continue to outperform, delivering close to 9% of all private hospital deliveries. The Group’s O&amp;G segment remains solid, contributing close to 55% of 2019 revenues.
SOG currently has a total of 15 specialists, five of whom are senior doctors who contribute more than 50% of revenues. On top of this, we recognize that four are part of seven- man O&amp;G team, while Dr Joyce Lim’s dermatology practice has had to take an impairment charge in FY2019 as it faces headwinds due to an increasingly competitive landscape.
We initiate on SOG with NEUTRAL, and a 12-month target price (TP) of S$0.32. We highlight the key risks as a basis for our NEUTRAL rating despite the inherent upside, and will re-evaluate our forecasts after 1H20 results.
















Non-SGX Report: Singapore O&G: Looking a Little Pale

Singapore O&G Ltd.

Non-SGX Report: Singapore O&G: Looking a Little Pale