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αSK

Smartkarma AI

Smartkarma

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

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Equity Bottom-Up

Alliance Healthcare Group Ltd / Equity Bottom-Up

<ul>
  <li>Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry tailwinds, including an aging population and increasing demand for digital health services.</li>
  <li>The company's growth is driven by its diversified business segments, encompassing Managed Healthcare Solutions, GP and Specialist Clinics, Pharmaceutical Services, and a growing Mobile and Digital Health division.</li>
  <li>While demonstrating strong revenue growth, the company faces challenges related to rising operating costs and investments in new ventures that are currently impacting profitability.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry tailwinds, including an aging population and increasing demand for digital health services.
  The company's growth is driven by its diversified business segments, encompassing Managed Healthcare Solutions, GP and Specialist Clinics, Pharmaceutical Services, and a growing Mobile and Digital Health division.
  While demonstrating strong revenue growth, the company faces challenges related to rising operating costs and investments in new ventures that are currently impacting profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Alliance Healthcare Group Ltd (AHG SP) - Nov 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.</li>
<li>The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.</li>
<li>The IFA previously declared the offer “<em>not fair but reasonable.</em>” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.


Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

<ul>
<li>The IFA has declared the <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a> VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “<em>not fair but reasonable.</em>” </li>
<li>The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.</li>
<li>Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.</li>
</ul>


The IFA has declared the Singapore Medical (SMG SP) VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “not fair but reasonable.” 
The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.
Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.


Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) at S$0.37 cash per share or one new share in the offeror will close on 1 November.</li>
<li>The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.</li>
<li>The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) at S$0.37 cash per share or one new share in the offeror will close on 1 November.
The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.
The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.


Singapore Medical’s VGO Acceptance Condition Fixed at 90%

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

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.

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
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<h2>Alliance Healthcare Group Limited</h2>
<h3>Capitalising on digitalisation</h3>
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<li>PATMI almost doubled to S$1.68mn, while revenue increased 23% YoY, mainly driven by higher revenue contribution from mobile and digital healthcare services.</li>
<li>Strong operating cash flow of S$4.7mn, underpinning robust cash position of S$18.4mn and higher net cash of S$12.3mn.</li>
</ul>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.




Alliance Healthcare Group Limited
Capitalising on digitalisation





PATMI almost doubled to S$1.68mn, while revenue increased 23% YoY, mainly driven by higher revenue contribution from mobile and digital healthcare services.
Strong operating cash flow of S$4.7mn, underpinning robust cash position of S$18.4mn and higher net cash of S$12.3mn.











(Non-SGX Report) Alliance Healthcare Group Limited  -Capitalising on Digitalisation

Singapore

Alliance HealthCare Services, Inc. provides outsourced diagnostic imaging services. The Company provides imaging and therapeutic services primarily to hospitals and other healthcare providers on a mobile, shared-service basis. Alliance also provides systems that are located full-time at particular hospitals and clinics. The Company also offers radiation therapy services.


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Alliance Healthcare Group Ltd (AHG SP)

Primer: Alliance Healthcare Group Ltd (AHG SP) - Nov 2025

Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry...

αSK

Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities. The 1.4% spread is...

Arun George

Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

Hitting the 90% minimum acceptance condition will be challenging. The current gross spread of 1.4% is not an attractive risk/reward profile. Take...

Arun George

Singapore Medical’s VGO Acceptance Condition Fixed at 90%

The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits...

Arun George

(Non-SGX Report) Alliance Healthcare Group Limited -Capitalising on Digitalisation

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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