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.

Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2020-04/Clearbridge-CEO.jpg" class="editor-image img-responsive"></figure>
<div class="content-caption">Clearbridge CEO</div>

Nurturing talent and unlocking human potential are lifelong passions for healthcare entrepreneur Jeremy Yee. "What truly inspires me is the process of identifying and grooming the next generation of leaders and entrepreneurs, who can grow faster than the organisation," said the Chief Executive Officer of SGX-listed precision medicine services firm Clearbridge Health Ltd. "The joy comes from being a variable in the equation where people develop to their fullest potential. After all, products do not move by themselves - it is the human capital that makes things happen." That's why Yee feels his journey in healthcare - spanning nearly two decades - has reaped multiple rewards despite myriad challenges along the way. "The key is having a learning mindset. In mentoring and coaching others, I find myself developing and growing as well - that's the most satisfying part of the process," he added. A holder of Master's degrees in Arts, Commerce and Business Administration from universities in the US, Australia and Singapore, Yee was named Executive Director and CEO of Clearbridge Health in May 2017. Prior to this appointment, from 2011 to 2016, he helmed SGX-listed cord blood banking services company Cordlife Group Ltd. Between 2002 and 2011, he held Chief Financial Officer and Chief Operating Officer roles with ASX-listed Cordlife Ltd. The early part of his career was spent in the banking and finance industry. Yee's decision to focus on healthcare stems largely from a desire to cater to what he sees as a pressing and growing need in the region. "Healthcare is pretty much an under-served market here, given ASEAN's population base of more than 655 million. With a feasible business model, you can easily capture a multitude of opportunities." In particular, precision medicine - which tailors drug treatments to individual patients based on their genes, lifestyle, and environment - has an increasing relevance in today's world. "The best healthcare strategy is a patient-centric, customised approach, rather than a one-size-fits-all method of disease treatment and prevention," he pointed out. "If we want to improve diagnoses and treatments for patients with critical or chronic illnesses like cancer and diabetes, it's important to understand their underlying conditions, so as to provide targeted therapy."
Scope and Scale According to projections by Research and Markets, the global precision medicine market could be valued at US$216.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 10.6%. The Asia-Pacific market - the world's fastest-growing - was valued at US$11 billion in 2018, and is anticipated to hit US$20.9 billion by 2023, expanding at a CAGR of 16.6%, data from Ken Research showed. Key drivers include a rapidly ageing population, longer life spans and technological advances. This is where Clearbridge Health, with its precision medicine tools and technologies, can play an important and expanding role. "First, in terms of scope, we can provide relevant products and services using a pricing model that is affordable," Yee said. "Second, in terms of scale, we can offer these services to doctors and patients, both in Singapore and across markets in Southeast Asia." Established in 2010 in Singapore and known then as Clearbridge Accelerator, the company invested in medical technology and incubated global deep-tech healthcare firms. In 2017, the business expanded to include medical clinics and strategic stakes in precision medical technology companies. Listing on SGX's Catalist board in December 2017, Clearbridge Health now has a growing network of owned and operated primary healthcare touchpoints as well as healthcare systems across Asia. The Group also has stakes in three medical technology firms - 23.1%-owned associate Biolidics Ltd that listed on Catalist in December 2018, Clearbridge&nbsp; Biophotonics, and the Singapore Institute of Advanced Medicine Holdings. Last month, Biolidics announced the launch of a rapid test kit for COVID-19, which uses serum, plasma or whole blood samples to test for the coronavirus. The rapid test kit has obtained provisional authorisation from Singapore's Health Sciences Authority, relevant authorisation from the Food and Drug Administration of the Philippines, as well as the Conformitè Europëenne (CE) Marking for use in the European Union. Available and Affordable "Our vision is to bring high-quality healthcare and solutions to the masses through a distribution model that makes it readily available and affordable - such as a Public-Private Partnership model, in countries with national health insurance systems like the Philippines and Indonesia," Yee noted. "As a private player adding expertise and working with public hospitals on the ground, we want to change the way local patients receive and experience healthcare." A case in point is Indonesia, where Clearbridge currently manages a total of 49 hospital joint operation contracts, serving close to 4 million patients a year, primarily in the area of renal care and pathology. Thanks to its Indonesian operations, the Group's healthcare systems business unit was the major revenue contributor in 2019, with sales surging more than four-fold to S$15.6 million. But even as demand for quality healthcare in the region continues to accelerate, challenges abound. The most obvious are operational issues - "especially when the healthcare sector in Asia is fragmented, with policies and regulations diverging across countries," he said. To drive expansion, Clearbridge has adopted a three-pronged approach - building, borrowing and buying. The Group aims to enlarge its network in existing countries, and expand into new, populous markets via the public-private-partnership model where relevant. "We're not an earnings aggregator - we don't buy clinics to boost our profits," Yee added. "Instead, we want to accumulate skills and expertise to expand, as well as improve the quality of treatments that patients receive, especially beyond Singapore, as Southeast Asia is our hinterland." The Group is also deliberately prudent in its acquisitions. "We require every entity we buy to be EBITDA- (earnings before interest, tax, depreciation and amortisation) positive and contribute immediately to our financial performance."
Volatility and Valuation Other hurdles include market volatility and valuation. "Clearbridge is moving towards profitability, but market volatility is such that it doesn't give entrepreneurs an opportunity to exploit capital markets for growth." Clearbridge's market capitalisation - currently about S$73 million - has shrunk more than 40% from its initial public offer (IPO) market cap of S$135 million. For the year ended 31 December 2019, the Group reported a revenue of S$21.5 million, up nearly four-fold. "It's been a challenge to successfully convey our entrepreneurial vision to investors, and the market has limited tools with which to evaluate high-growth companies like us," Yee said. As a result, Clearbridge Health remains largely unrecognised by the market, with EBITDA and revenues moving in opposite directions to its share price, he added. This is despite the Group having a primary healthcare division that is about to spread its wings into the region, and the private-public-partnership model with hospitals that is being rolled out across Southeast Asia. "We own proprietary technologies, and an associate like Biolidics that's supporting us in novel diagnostic capabilities," he added. "We have an asset-light business model, and no direct competitor in Singapore - our closest peers are private hospital groups with more assets in real estate than medical products and services." Maintaining a balance between growth and cashflows also keeps Yee up late into the night. "The question I grapple with is: Should I go for it or wait? Opportunities only strike once." Sometimes, the epiphany comes during one of his daily 10km runs. But more often than not, a decision is reached after brainstorming with the rest of his team. "We may not be able to force a good solution out in two hours, but if we let things simmer for a while, the direction becomes clear." And for the 50-year-old father of two girls and a boy aged 14 to 20, leading by example is paramount. "That's the best thing any father - or CEO of an organisation - can do." Cultivating integrity, a razor-sharp focus and resilience are also at the top of his list. "The key defining characteristic of an entrepreneur centres on how he or she deals with problems. Entrepreneurs never give up - if they feel deep in their gut that this is the right thing to do, they will die trying." Does Yee hope his children will follow in his entrepreneurial footsteps? "That's beside the point actually," he smiled. "What I hope is that they will each perform much better than me - after all, isn't the next generation supposed to be better than the last?" Clearbridge Health Ltd
Clearbridge is a healthcare company focused on the delivery of precision medicine in Asia. Its business comprises healthcare systems, medical clinics/centres, as well as the distribution platform of healthcare solutions and technologies from its global clinical partners and strategic medical technology investments. Through the delivery of precision medicine, it seeks to empower clinicians and healthcare professionals to make more reliable and accurate diagnoses, provide insights into disease management, and tailor personalised prevention and timely treatment programmes for patients.
The company website is: <a href="http://edm.sgx.com/a/hBemVSnB86%24MfB91q8JAAAAAAV1/link7" target="_blank" rel="noopener">www.clearbridgehealth.com</a>. Click&nbsp;<a href="http://edm.sgx.com/a/hBemVSnB86%24MfB91q8JAAAAAAV1/link8" target="_blank" rel="noopener">here</a>&nbsp;for the company's StockFacts page. For the three months and full year ended 31 December 2019 financial results, click&nbsp;<a href="http://edm.sgx.com/a/hBemVSnB86%24MfB91q8JAAAAAAV1/link9" target="_blank" rel="noopener">here</a>. &nbsp;


Clearbridge CEO

Nurturing talent and unlocking human potential are lifelong passions for healthcare entrepreneur Jeremy Yee.  "What truly inspires me is the process of identifying and grooming the next generation of leaders and entrepreneurs, who can grow faster than the organisation," said the Chief Executive Officer of SGX-listed precision medicine services firm Clearbridge Health Ltd.  "The joy comes from being a variable in the equation where people develop to their fullest potential. After all, products do not move by themselves - it is the human capital that makes things happen."  That's why Yee feels his journey in healthcare - spanning nearly two decades - has reaped multiple rewards despite myriad challenges along the way.  "The key is having a learning mindset. In mentoring and coaching others, I find myself developing and growing as well - that's the most satisfying part of the process," he added.  A holder of Master's degrees in Arts, Commerce and Business Administration from universities in the US, Australia and Singapore, Yee was named Executive Director and CEO of Clearbridge Health in May 2017.  Prior to this appointment, from 2011 to 2016, he helmed SGX-listed cord blood banking services company Cordlife Group Ltd. Between 2002 and 2011, he held Chief Financial Officer and Chief Operating Officer roles with ASX-listed Cordlife Ltd. The early part of his career was spent in the banking and finance industry.  Yee's decision to focus on healthcare stems largely from a desire to cater to what he sees as a pressing and growing need in the region. "Healthcare is pretty much an under-served market here, given ASEAN's population base of more than 655 million. With a feasible business model, you can easily capture a multitude of opportunities."  In particular, precision medicine - which tailors drug treatments to individual patients based on their genes, lifestyle, and environment - has an increasing relevance in today's world.  "The best healthcare strategy is a patient-centric, customised approach, rather than a one-size-fits-all method of disease treatment and prevention," he pointed out.  "If we want to improve diagnoses and treatments for patients with critical or chronic illnesses like cancer and diabetes, it's important to understand their underlying conditions, so as to provide targeted therapy."
Scope and Scale  According to projections by Research and Markets, the global precision medicine market could be valued at US$216.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 10.6%.  The Asia-Pacific market - the world's fastest-growing - was valued at US$11 billion in 2018, and is anticipated to hit US$20.9 billion by 2023, expanding at a CAGR of 16.6%, data from Ken Research showed. Key drivers include a rapidly ageing population, longer life spans and technological advances.  This is where Clearbridge Health, with its precision medicine tools and technologies, can play an important and expanding role. "First, in terms of scope, we can provide relevant products and services using a pricing model that is affordable," Yee said.  "Second, in terms of scale, we can offer these services to doctors and patients, both in Singapore and across markets in Southeast Asia."  Established in 2010 in Singapore and known then as Clearbridge Accelerator, the company invested in medical technology and incubated global deep-tech healthcare firms. In 2017, the business expanded to include medical clinics and strategic stakes in precision medical technology companies.  Listing on SGX's Catalist board in December 2017, Clearbridge Health now has a growing network of owned and operated primary healthcare touchpoints as well as healthcare systems across Asia.  The Group also has stakes in three medical technology firms - 23.1%-owned associate Biolidics Ltd that listed on Catalist in December 2018, Clearbridge&nbsp; Biophotonics, and the Singapore Institute of Advanced Medicine Holdings.  Last month, Biolidics announced the launch of a rapid test kit for COVID-19, which uses serum, plasma or whole blood samples to test for the coronavirus. The rapid test kit has obtained provisional authorisation from Singapore's Health Sciences Authority, relevant authorisation from the Food and Drug Administration of the Philippines, as well as the Conformitè Europëenne (CE) Marking for use in the European Union.  Available and Affordable   "Our vision is to bring high-quality healthcare and solutions to the masses through a distribution model that makes it readily available and affordable - such as a Public-Private Partnership model, in countries with national health insurance systems like the Philippines and Indonesia," Yee noted.  "As a private player adding expertise and working with public hospitals on the ground, we want to change the way local patients receive and experience healthcare."  A case in point is Indonesia, where Clearbridge currently manages a total of 49 hospital joint operation contracts, serving close to 4 million patients a year, primarily in the area of renal care and pathology. Thanks to its Indonesian operations, the Group's healthcare systems business unit was the major revenue contributor in 2019, with sales surging more than four-fold to S$15.6 million.  But even as demand for quality healthcare in the region continues to accelerate, challenges abound. The most obvious are operational issues - "especially when the healthcare sector in Asia is fragmented, with policies and regulations diverging across countries," he said.  To drive expansion, Clearbridge has adopted a three-pronged approach - building, borrowing and buying. The Group aims to enlarge its network in existing countries, and expand into new, populous markets via the public-private-partnership model where relevant.  "We're not an earnings aggregator - we don't buy clinics to boost our profits," Yee added.  "Instead, we want to accumulate skills and expertise to expand, as well as improve the quality of treatments that patients receive, especially beyond Singapore, as Southeast Asia is our hinterland."  The Group is also deliberately prudent in its acquisitions. "We require every entity we buy to be EBITDA- (earnings before interest, tax, depreciation and amortisation) positive and contribute immediately to our financial performance."
Volatility and Valuation  Other hurdles include market volatility and valuation. "Clearbridge is moving towards profitability, but market volatility is such that it doesn't give entrepreneurs an opportunity to exploit capital markets for growth."  Clearbridge's market capitalisation - currently about S$73 million - has shrunk more than 40% from its initial public offer (IPO) market cap of S$135 million. For the year ended 31 December 2019, the Group reported a revenue of S$21.5 million, up nearly four-fold.  "It's been a challenge to successfully convey our entrepreneurial vision to investors, and the market has limited tools with which to evaluate high-growth companies like us," Yee said.  As a result, Clearbridge Health remains largely unrecognised by the market, with EBITDA and revenues moving in opposite directions to its share price, he added.  This is despite the Group having a primary healthcare division that is about to spread its wings into the region, and the private-public-partnership model with hospitals that is being rolled out across Southeast Asia.  "We own proprietary technologies, and an associate like Biolidics that's supporting us in novel diagnostic capabilities," he added. "We have an asset-light business model, and no direct competitor in Singapore - our closest peers are private hospital groups with more assets in real estate than medical products and services."  Maintaining a balance between growth and cashflows also keeps Yee up late into the night. "The question I grapple with is: Should I go for it or wait? Opportunities only strike once."  Sometimes, the epiphany comes during one of his daily 10km runs. But more often than not, a decision is reached after brainstorming with the rest of his team. "We may not be able to force a good solution out in two hours, but if we let things simmer for a while, the direction becomes clear."  And for the 50-year-old father of two girls and a boy aged 14 to 20, leading by example is paramount. "That's the best thing any father - or CEO of an organisation - can do."  Cultivating integrity, a razor-sharp focus and resilience are also at the top of his list. "The key defining characteristic of an entrepreneur centres on how he or she deals with problems. Entrepreneurs never give up - if they feel deep in their gut that this is the right thing to do, they will die trying."  Does Yee hope his children will follow in his entrepreneurial footsteps? "That's beside the point actually," he smiled.  "What I hope is that they will each perform much better than me - after all, isn't the next generation supposed to be better than the last?"  Clearbridge Health Ltd
Clearbridge is a healthcare company focused on the delivery of precision medicine in Asia. Its business comprises healthcare systems, medical clinics/centres, as well as the distribution platform of healthcare solutions and technologies from its global clinical partners and strategic medical technology investments. Through the delivery of precision medicine, it seeks to empower clinicians and healthcare professionals to make more reliable and accurate diagnoses, provide insights into disease management, and tailor personalised prevention and timely treatment programmes for patients.
The company website is: www.clearbridgehealth.com.  Click&nbsp;here&nbsp;for the company's StockFacts page.  For the three months and full year ended 31 December 2019 financial results, click&nbsp;here. &nbsp;

Clearbridge Health: Advancing With Patient Precision

Clearbridge Health is a healthcare company with a focus on the delivery of precision medicine in Asia. Its business comprises medical clinics/ centres, healthcare systems and strategic equity investments in medical technology companies. Its diversified regional footprint caters to multiple segments of the healthcare industry across Singapore, Hong Kong, China, Indonesia, Thailand, Malaysia and Philippines.

Clearbridge Health is a healthcare company with a focus on the delivery of precision medicine in Asia. Its business comprises medical clinics/ centres, healthcare systems and strategic equity investments in medical technology companies. Its diversified regional footprint caters to multiple segments of the healthcare industry across Singapore, Hong Kong, China, Indonesia, Thailand, Malaysia and Philippines.

10 in 10 with Clearbridge Health - Redefining Asian Healthcare with Precision

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Qualitas Medical Group / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/26971" target="_blank" data-smartkarma-citation="entities:26971:1" rel="noopener">Qualitas Medical Group (QMGL SP)</a> is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make strategic investments and acquisitions, seek out organic growth and initiatives, and general corporate purposes.
In this insight, we will look at the company's business, examine the changes since it got privatized in 2011, compare it against other regional healthcare peers. We will also run the deal through our ECM framework.

Qualitas Medical Group (QMGL SP) is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make strategic investments and acquisitions, seek out organic growth and initiatives, and general corporate purposes.
In this insight, we will look at the company's business, examine the changes since it got privatized in 2011, compare it against other regional healthcare peers. We will also run the deal through our ECM framework.

Qualitas Medical Group IPO Review - Valuation up 95% in One Month

Singapore

Clearbridge Health is an integrated healthcare group focused on precision medicine, offering laboratory testing services, operating medical clinics/centers, and investing in precision medical technology companies. The company provides a range of services including clinical diagnostics, imaging, general health screenings, and specialized medical services across Singapore, the Philippines, Hong Kong, and Malaysia. It was incorporated in 2010 and is headquartered in Singapore.

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Clearbridge Health (CBH SP)

Clearbridge Health: Advancing With Patient Precision

Nurturing talent and unlocking human potential are lifelong passions for healthcare entrepreneur Jeremy Yee."What truly inspires me is the...

Singapore Exchange Ltd (SGX)

10 in 10 with Clearbridge Health - Redefining Asian Healthcare with Precision

Clearbridge Health is a healthcare company with a focus on the delivery of precision medicine in Asia. Its business comprises medical clinics/...

Singapore Exchange Ltd (SGX)

Qualitas Medical Group IPO Review - Valuation up 95% in One Month

Qualitas Medical Group (QMGL SP) is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make...

Zhen Zhou, Toh

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