Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Fullerton Healthcare / Equity Capital Markets

<p>Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical benefit management services to employers across the region. The business features relatively stable growth and profitability and low capital intensity. The main use of proceeds will be for acquisitions to enter new markets both by service line and country. We think that fair value is S$1.0 billion based on peers and is at the lower end of the bankers' DCF projections.</p>
<p>We will revisit this offering once the deal formally launches. This post focuses on the business, projections, valuation (in brief), management, risks, and some key investments.</p>

Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical benefit management services to employers across the region. The business features relatively stable growth and profitability and low capital intensity. The main use of proceeds will be for acquisitions to enter new markets both by service line and country. We think that fair value is S$1.0 billion based on peers and is at the lower end of the bankers' DCF projections.
We will revisit this offering once the deal formally launches. This post focuses on the business, projections, valuation (in brief), management, risks, and some key investments.

Singapore

Fullerton Healthcare Group Pte. Limited was founded in 2010. The company's line of business includes the practice of general or specialized medicine and surgery for various licensed practitioners.   

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Fullerton Healthcare (FHC SP)

Fullerton Healthcare: A High-Quality IPO

Fullerton Healthcare reportedly plans to list on the SGX in the near future. The company provides both outpatient healthcare services and medical...

Kemp Dolliver, CFA

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