Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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 Group (RFMD SP)</a> ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.</li>
<li>Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.</li>
<li>Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.</li>
</ul>



Raffles Medical Group (RFMD SP) ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.
Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.
Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.


Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>Thomson Medical Group (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam.</li><li>Established in 1979, TMG’s Thomson Medical Pte Ltd (“TMPL”) is one of the largest private providers of healthcare services for women &amp; children in Singapore.</li><li>TMPL owns &amp; operates Thomson Medical Centre (“TMC”) and a network of specialist medical clinics &amp; facilities that provide outpatient women &amp; children healthcare services. </li></ul>

Thomson Medical Group (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam.Established in 1979, TMG’s Thomson Medical Pte Ltd (“TMPL”) is one of the largest private providers of healthcare services for women &amp; children in Singapore.TMPL owns &amp; operates Thomson Medical Centre (“TMC”) and a network of specialist medical clinics &amp; facilities that provide outpatient women &amp; children healthcare services. 

<ul><li>Thomson Medical Group Limited (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam.</li><li>Established in 1979, TMG’s Thomson Medical Pte Ltd (“TMPL”) is one of the largest private providers of healthcare services for women and children in Singapore.</li><li>TMPL owns and operates Thomson Medical Centre (“TMC”) and a network of specialist medical clinics and facilities that provide outpatient women and children healthcare services. </li></ul>

Thomson Medical Group Limited (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam.Established in 1979, TMG’s Thomson Medical Pte Ltd (“TMPL”) is one of the largest private providers of healthcare services for women and children in Singapore.TMPL owns and operates Thomson Medical Centre (“TMC”) and a network of specialist medical clinics and facilities that provide outpatient women and children healthcare services. 

Initiating Coverage: Thomson Medical Group Limited

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

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<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

Singapore

Thomson Medical Group is a Singapore-headquartered healthcare services provider specializing in women's and children's healthcare, operating hospitals, specialist clinics, and healthcare facilities. Its services include obstetrics, gynaecology, fertility treatment, paediatrics, diagnostic imaging, and traditional Chinese medicine. The company was established in 1979 and is headquartered in Singapore.

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Thomson Medical Group (TMG SP)

Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....

Tina Banerjee

Company Update: Thomson Medical Group

Thomson Medical Group (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam. Established in 1979,...

FPA Financial

Initiating Coverage: Thomson Medical Group Limited

Thomson Medical Group Limited (“TMG”) is a Southeast Asian healthcare company with operations in Singapore, Malaysia and Vietnam. Established in...

FPA Financial

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