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

Foundation Healthcare Holdings / Equity Bottom-Up

<ul><li>Over five sessions, directors and substantial shareholders filed 25 acquisitions and 16 disposals for over 40 primary-listed stocks.</li><li>Executive Chairman Ow Chio Kiat increased stakes in Stamford Land and Singapore Shipping Corporation, holding over 40% interests in both.</li><li>Keppel DC REIT completed an upsized S$625 million placement to fund a Japan hyperscale data centre acquisition.</li></ul>

Over five sessions, directors and substantial shareholders filed 25 acquisitions and 16 disposals for over 40 primary-listed stocks.Executive Chairman Ow Chio Kiat increased stakes in Stamford Land and Singapore Shipping Corporation, holding over 40% interests in both.Keppel DC REIT completed an upsized S$625 million placement to fund a Japan hyperscale data centre acquisition.

Director Buying in Stamford Land, Foundation Healthcare, Lincotrade and ISOTeam

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Foundation Healthcare Holdings / Equity Capital Markets

<ul>
<li>Foundation Healthcare's light-asset model means no need to bear high capital expenditure for hospital-building, and ROE may be higher, with faster expansion speed through acquisitions as the network expands rapidly</li>
<li>The lack of own hospital means unable to provide inpatient/emergency services, with limited service scope. Since Foundation Healthcare is highly dependent on acquisitions, integration risks are higher than organic growth.</li>
<li>Foundation Healthcare's valuation would be lower than Raffles Medical and IHH Healthcare. In other words, the valuation based on IPO pricing (S$0.76-S$0.92) falls within reasonable range among similar healthcare stocks.</li>
</ul>


Foundation Healthcare's light-asset model means no need to bear high capital expenditure for hospital-building, and ROE may be higher, with faster expansion speed through acquisitions as the network expands rapidly
The lack of own hospital means unable to provide inpatient/emergency services, with limited service scope. Since Foundation Healthcare is highly dependent on acquisitions, integration risks are higher than organic growth.
Foundation Healthcare's valuation would be lower than Raffles Medical and IHH Healthcare. In other words, the valuation based on IPO pricing (S$0.76-S$0.92) falls within reasonable range among similar healthcare stocks.


Pre-IPO Foundation Healthcare - The IPO Pricing Is Reasonable

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/foundation-healthcare-holdings-pte-ltd">Foundation Healthcare Holdings</a> (FHH) is Singapore's largest private multi-specialty healthcare platform, demonstrating rapid revenue growth driven by an aggressive acquisition strategy and strong underlying market demand.</li>
  <li>The company's business model focuses on consolidating specialist clinics onto a single, technology-enabled platform (AVA) to achieve economies of scale, enhance operational efficiency, and improve care coordination.</li>
  <li>Key investment considerations include a high valuation (P/E of 70.3x), significant integration risks associated with its M&amp;A-led growth, and constrained financial flexibility due to debt used to finance acquisitions.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Foundation Healthcare Holdings (FHH) is Singapore's largest private multi-specialty healthcare platform, demonstrating rapid revenue growth driven by an aggressive acquisition strategy and strong underlying market demand.
  The company's business model focuses on consolidating specialist clinics onto a single, technology-enabled platform (AVA) to achieve economies of scale, enhance operational efficiency, and improve care coordination.
  Key investment considerations include a high valuation (P/E of 70.3x), significant integration risks associated with its M&amp;A-led growth, and constrained financial flexibility due to debt used to finance acquisitions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Foundation Healthcare Holdings (FHH SP) - Aug 2026

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Foundation Healthcare Holdings Limited (FHH) is a Singapore specialist healthcare operator that owns and operates specialist-practice businesses.</li>
<li>It employs 108 Medical Specialists across 16 specialties and operates 74 specialist clinics in Singapore.</li>
<li>The consolidated perimeter also includes four disclosed medical centres, AVA-related technology activities and a Malaysian software-development entity. </li>
</ul>


Foundation Healthcare Holdings Limited (FHH) is a Singapore specialist healthcare operator that owns and operates specialist-practice businesses.
It employs 108 Medical Specialists across 16 specialties and operates 74 specialist clinics in Singapore.
The consolidated perimeter also includes four disclosed medical centres, AVA-related technology activities and a Malaysian software-development entity. 


Foundation Healthcare Holdings Limited Initiating Coverage

<ul><li>Foundation Healthcare raised approximately S$123.6 million in gross proceeds from its IPO, listing on SGX Mainboard with a market capitalisation of approximately S$1.0 billion.</li><li>Revenue increased by 77.0% from S$112.4 million in FY2023 to S$198.9 million in FY2024, and by 16.2% to S$231.2 million in FY2025.</li><li>Adjusted EBITDA grew by 62.2% from S$45.2 million in FY2023 to S$73.3 million in FY2024, and by 19.9% to S$87.9 million in FY2025.</li></ul>

Foundation Healthcare raised approximately S$123.6 million in gross proceeds from its IPO, listing on SGX Mainboard with a market capitalisation of approximately S$1.0 billion.Revenue increased by 77.0% from S$112.4 million in FY2023 to S$198.9 million in FY2024, and by 16.2% to S$231.2 million in FY2025.Adjusted EBITDA grew by 62.2% from S$45.2 million in FY2023 to S$73.3 million in FY2024, and by 19.9% to S$87.9 million in FY2025.

Foundation Healthcare – Singapore’s Largest Multi-Specialty Healthcare Platform – Debuts on SGX

Singapore

Foundation Healthcare Holdings Pte. Ltd. operates as a holding company. The Company, through its subsidiaries, offers diagnostic radiology, hand and orthopaedic surgery, cardiology, ophthalmology, neurology, obstetrics and gynaecology, paediatric medicine, and treatment of infertility-related services. Foundation Healthcare Holdings serves patients in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Foundation Healthcare Holdings (FHH SP)

Director Buying in Stamford Land, Foundation Healthcare, Lincotrade and ISOTeam

Over five sessions, directors and substantial shareholders filed 25 acquisitions and 16 disposals for over 40 primary-listed stocks. Executive...

Singapore Exchange Ltd (SGX)

Pre-IPO Foundation Healthcare - The IPO Pricing Is Reasonable

UBS’ share stabilization termination indicates the disappearance of "policy bottom". FHH's current valuation is 19.5x PE, lower than Raffles...

Xinyao (Criss) Wang

Primer: Foundation Healthcare Holdings (FHH SP) - Aug 2026

Foundation Healthcare Holdings (FHH) is Singapore's largest private multi-specialty healthcare platform, demonstrating rapid revenue growth...

αSK Primers

Foundation Healthcare Holdings Limited Initiating Coverage

Foundation Healthcare Holdings Limited (FHH) is a Singapore specialist healthcare operator that owns and operates specialist-practice...

ICAM

Foundation Healthcare – Singapore’s Largest Multi-Specialty Healthcare Platform – Debuts on SGX

Foundation Healthcare raised approximately S$123.6 million in gross proceeds from its IPO, listing on SGX Mainboard with a market capitalisation...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)