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

United Hampshire US REIT / Equity Bottom-Up

<ul><li>Inside Insights - Wee Ee Cheong boosts UOB stake For the 5 trading sessions that spanned Aug 19 to Aug 25, the Straits Times Index (STI) declined 0.8 per cent, with the FTSE China A50 Index declining 0.9 per cent, the Hang Seng Index gaining 1.3 per cent and the FTSE Bursa Malaysia KLCI declining 1.1 per cent.</li><li>Between Aug 16 and 22, United Overseas Bank (UOB) deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$26.86 per share.</li></ul>

Inside Insights - Wee Ee Cheong boosts UOB stake For the 5 trading sessions that spanned Aug 19 to Aug 25, the Straits Times Index (STI) declined 0.8 per cent, with the FTSE China A50 Index declining 0.9 per cent, the Hang Seng Index gaining 1.3 per cent and the FTSE Bursa Malaysia KLCI declining 1.1 per cent.Between Aug 16 and 22, United Overseas Bank (UOB) deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$26.86 per share.

Livingstone Health Holdings / Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-07/Livingstone%20Health-CEO.jpg" class="editor-image img-responsive"></figure>
<div class="content-caption">Livinghealth CEO</div>

Anaesthesiologist and pain management specialist Dr Wilson Tay is a huge advocate of simplicity in an increasingly complex world. “As the environment we live in becomes more complicated and interconnected, we need a set of simple fundamental truths to guide us through various crossroads in life,” the Chief Executive Officer of SGX-listed Livingstone Health Holdings Ltd pointed out. “Values that have served me well are diligence, determination, and loyalty with dedication. I also believe in being present - showing up, and giving my full attention to whoever I meet, be it a patient, friend or family member.” After graduating from National University of Singapore (NUS) with a Bachelor of Medicine and Bachelor of Surgery in 2004, Tay went on to get his Master of Medicine in Anaesthesiology five years later. In 2012, he completed a multi-disciplinary chronic pain clinical fellowship programme at St Joseph’s Health Care London in Ontario, Canada. Between 2011 and 2014, Tay held consultant roles with Singapore General Hospital’s (SGH) Pain Management Centre and Department of Anaesthesiology, before setting up his own private practice at Farrer Park Medical Centre in 2015. He remains a visiting consultant with SGH’s Pain Management Centre. “Through my journey of specialisation, what I have learned is that we may not always be able to deliver a cure to all diseases that patients suffer, but their suffering can be alleviated through the relief of pain,” Tay noted. “Pain management is not only a functional aspect of healthcare - it may also improve patients’ self-esteem, providing them with a great psychological boost when it comes to managing their diseases,” he added. “It is my hope that in doing so, we can improve the mobility of patients and enable them to perform the various activities of daily living.” It is this mission of making a positive impact in the lives of patients that sparked the conceptualisation, and establishment, of Livingstone Health. “The initial founding group of doctors comprised myself, Dr Rachel Lim, Dr Sebastian Chua, and Dr Sean Ng, who has since left to pursue his own passion,” Tay recalled. “Starting from a single clinic in 2015, we’ve since compounded into a multi-disciplinary group. While still in the early stages of growth, we’re thankful for our fellow practitioners, partners and patients, who have moulded us into what we are today.” Holistic Healthcare Livingstone Health is a Singapore-based, multi-disciplinary healthcare group specialising in Cardiology, Orthopaedic Surgery, Pain Management &amp; Anaesthesiology, Aesthetics &amp; Wellness, and Family Medicine. The Group combines both primary and tertiary healthcare. The primary healthcare line comprises Phoenix Medical Group, which provides family medical services in Singapore. The tertiary healthcare line comprises medical specialists that include anaesthesiology and pain management, internal medicine, orthopaedic surgery and aesthetics. The name “Livingstone” is derived from the succulent plant Lithops, which is also known as “living stones”. Both a stone and a plant, living stones symbolise the Group’s resilient growth, as well as its determination to be recognised both as a trusted integrated healthcare provider for patients and a centre of excellence for medical professionals. In February this year, the Group changed its name to Livingstone Health Holdings Ltd from Citicode Ltd, following the completion of a reverse takeover (RTO) that involved a share consolidation and transfer of its listing status to SGX Catalist from the Mainboard. Currently, Livingstone Health has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre in Singapore. The Group has ventured into other paramedical products and services, such as physiotherapy, and offers healthcare design consultancy services.&nbsp; “We’re focusing our efforts on building a robust internal ecosystem within Livingstone Health, ensuring our network of primary care and tertiary care doctors work cohesively to provide our patients with holistic healthcare,’ Tay said. In April, Ardennes Healthcare, a wholly owned subsidiary of its Phoenix Medical Group, launched a health screening centre, targeted at extending its reach to a larger pool of patients, which could translate into increased referrals for its primary and tertiary healthcare services. Focused Expansion&nbsp; “Shareholders can expect Livingstone Health to double its team of doctors and boost its range of specialisations within the next few years, in line with our goal of becoming a leading multi-disciplinary healthcare specialist,” he added. In particular, the Group is recruiting more specialists in anaesthesiology and gastroenterology to complement its internal medicine division, due to growing demand for lifestyle medicine in Singapore, following higher incidences of diabetes and obesity.&nbsp; Livingstone Health also plans to branch into allied health services revolving around patient care, which are auxiliary services ranging from diagnostics to treatment and rehabilitation. It will start its physiotherapy operations later this year. Another prong of the Group’s strategy is to extend the brand of Singapore healthcare to emerging Asian markets.&nbsp; “The higher standards of medical education, specialisation, processes, IT and healthcare legal frameworks have boosted the branding of medical care in Singapore in recent decades,” Tay noted. Aiming to tap middle-class patients in the region who desire quality healthcare services, it has appointed its first local market representative in Vietnam, who serves as a conduit for patients seeking specialised treatments in Singapore. It also plans to add representatives in Indonesia and Cambodia in the coming months. However, the model of medical tourism has now changed, due partly to weaker regional currencies, rising medical standards in Malaysia and Thailand, and higher medical costs in Singapore, he pointed out. “Several emerging Asian countries now desire to upgrade their domestic healthcare capabilities in order to reduce their outflow of patients. Livingstone Health believes it can offer its expertise to these countries,” he added. In April, Livingstone Health announced it will partner Hong Kong-listed China Machinery Engineering Corporation (CMEC) and CPG Consultants Pte Ltd to evaluate collaboration opportunities for integrated healthcare infrastructure projects in Southeast and South Asia.&nbsp; The Group’s first foray overseas was through a joint venture in 2019 to provide aesthetics and wellness, as well as project consultancy services in Cambodia. “Building on this track record, we intend to leverage the Singapore healthcare brand to offer regional economies with our medical expertise and experience,” he noted. Nimble Adaptability While building a strong foundation for the business is a priority, Livingstone Health is also aware of the importance of developing a coherent Environmental, Social and Governance (ESG) strategy, Tay said.&nbsp; “We’re a relatively young company that just obtained a listing - we’ll need time to prepare a measurable and meaningful ESG strategy that is aligned with our vision to become a multi-disciplinary healthcare specialist for the Asian region.” Notwithstanding the bright outlook, industry competition remains a concern, he acknowledged. “The reality is that we are competing with bigger players who have significant resources at their disposal. That said, our advantage lies in being nimble and adaptable.” “Our doctors are very much aligned with the Group’s vision, and we share similar mindsets and philosophies when it comes to technology adoption and career progression. This gives us the ability to overcome obstacles swiftly as one,” he added. This dovetails with Tay’s passion to build a well-rounded and collegial team at Livingstone Health. “As the Group expands, I strongly believe that every member will grow along with us.” Despite his focus on the Group’s operational needs, the 43-year-old is mindful of maintaining a good work-life balance and spending quality time with his daughter, aged 10. “Being a young parent, I always remember the ‘Blink, and you miss it” moments. As children can grow up very quickly, I greatly cherish every minute I get to spend with her,” Tay said with a laugh. “The lesson I want to pass on to her and my staff is: While our world today is much more complex than that of my generation or my parents’ generation, simple fundamental truth matters,” he added. “We reap what we sow, and transparency, simplicity as well as diligence are essential elements to building one’s character.”
&nbsp;
Livingstone Health Holdings Ltd
Livingstone Health is a Singapore-based, multidisciplinary healthcare group whose core competencies include Aesthetics &amp; Wellness, Anaesthesiology &amp; Pain Management, Family Medicine, Internal Medicine and Orthopaedic Surgery. The Group has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre located at convenient and accessible locations throughout Singapore. In addition, the Group has also ventured into other paramedical products and services, such as physiotherapy. It has a joint venture to provide aesthetics and wellness services in Cambodia, and also offers healthcare design consultancy services.
The company website is: <a href="http://www.livingstonehealth.com.sg" target="_blank" rel="noopener">www.livingstonehealth.com.sg</a> Click&nbsp;<a href="https://www.sgx.com/securities/equities/PRH" target="_blank" rel="noopener">here&nbsp;</a>for the company's StockFacts page. For the 15 months ended 31 March 2021 financial results, click&nbsp;<a href="https://links.sgx.com/1.0.0/corporate-announcements/B3Y6T0NLTJHA5KYG/668204_LSH-FY2020_PP.pdf" target="_blank" rel="noopener">here</a>. &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;<a href="https://www.sgx.com/research-education/market-dialogues" target="_blank" rel="noopener">here</a>. &nbsp; For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;<a href="https://www.sgx.com/jennifer.t@sgx.com" target="_blank" rel="noopener">jennifer.t@sgx.com</a>.


Livinghealth CEO

Anaesthesiologist and pain management specialist Dr Wilson Tay is a huge advocate of simplicity in an increasingly complex world.  “As the environment we live in becomes more complicated and interconnected, we need a set of simple fundamental truths to guide us through various crossroads in life,” the Chief Executive Officer of SGX-listed Livingstone Health Holdings Ltd pointed out.  “Values that have served me well are diligence, determination, and loyalty with dedication. I also believe in being present - showing up, and giving my full attention to whoever I meet, be it a patient, friend or family member.”  After graduating from National University of Singapore (NUS) with a Bachelor of Medicine and Bachelor of Surgery in 2004, Tay went on to get his Master of Medicine in Anaesthesiology five years later. In 2012, he completed a multi-disciplinary chronic pain clinical fellowship programme at St Joseph’s Health Care London in Ontario, Canada.  Between 2011 and 2014, Tay held consultant roles with Singapore General Hospital’s (SGH) Pain Management Centre and Department of Anaesthesiology, before setting up his own private practice at Farrer Park Medical Centre in 2015. He remains a visiting consultant with SGH’s Pain Management Centre.  “Through my journey of specialisation, what I have learned is that we may not always be able to deliver a cure to all diseases that patients suffer, but their suffering can be alleviated through the relief of pain,” Tay noted.  “Pain management is not only a functional aspect of healthcare - it may also improve patients’ self-esteem, providing them with a great psychological boost when it comes to managing their diseases,” he added.  “It is my hope that in doing so, we can improve the mobility of patients and enable them to perform the various activities of daily living.”  It is this mission of making a positive impact in the lives of patients that sparked the conceptualisation, and establishment, of Livingstone Health. “The initial founding group of doctors comprised myself, Dr Rachel Lim, Dr Sebastian Chua, and Dr Sean Ng, who has since left to pursue his own passion,” Tay recalled.  “Starting from a single clinic in 2015, we’ve since compounded into a multi-disciplinary group. While still in the early stages of growth, we’re thankful for our fellow practitioners, partners and patients, who have moulded us into what we are today.”  Holistic Healthcare  Livingstone Health is a Singapore-based, multi-disciplinary healthcare group specialising in Cardiology, Orthopaedic Surgery, Pain Management &amp; Anaesthesiology, Aesthetics &amp; Wellness, and Family Medicine.  The Group combines both primary and tertiary healthcare. The primary healthcare line comprises Phoenix Medical Group, which provides family medical services in Singapore. The tertiary healthcare line comprises medical specialists that include anaesthesiology and pain management, internal medicine, orthopaedic surgery and aesthetics.  The name “Livingstone” is derived from the succulent plant Lithops, which is also known as “living stones”. Both a stone and a plant, living stones symbolise the Group’s resilient growth, as well as its determination to be recognised both as a trusted integrated healthcare provider for patients and a centre of excellence for medical professionals.  In February this year, the Group changed its name to Livingstone Health Holdings Ltd from Citicode Ltd, following the completion of a reverse takeover (RTO) that involved a share consolidation and transfer of its listing status to SGX Catalist from the Mainboard.  Currently, Livingstone Health has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre in Singapore. The Group has ventured into other paramedical products and services, such as physiotherapy, and offers healthcare design consultancy services.&nbsp;  “We’re focusing our efforts on building a robust internal ecosystem within Livingstone Health, ensuring our network of primary care and tertiary care doctors work cohesively to provide our patients with holistic healthcare,’ Tay said.  In April, Ardennes Healthcare, a wholly owned subsidiary of its Phoenix Medical Group, launched a health screening centre, targeted at extending its reach to a larger pool of patients, which could translate into increased referrals for its primary and tertiary healthcare services.  Focused Expansion&nbsp;  “Shareholders can expect Livingstone Health to double its team of doctors and boost its range of specialisations within the next few years, in line with our goal of becoming a leading multi-disciplinary healthcare specialist,” he added.  In particular, the Group is recruiting more specialists in anaesthesiology and gastroenterology to complement its internal medicine division, due to growing demand for lifestyle medicine in Singapore, following higher incidences of diabetes and obesity.&nbsp;  Livingstone Health also plans to branch into allied health services revolving around patient care, which are auxiliary services ranging from diagnostics to treatment and rehabilitation. It will start its physiotherapy operations later this year.  Another prong of the Group’s strategy is to extend the brand of Singapore healthcare to emerging Asian markets.&nbsp;  “The higher standards of medical education, specialisation, processes, IT and healthcare legal frameworks have boosted the branding of medical care in Singapore in recent decades,” Tay noted.  Aiming to tap middle-class patients in the region who desire quality healthcare services, it has appointed its first local market representative in Vietnam, who serves as a conduit for patients seeking specialised treatments in Singapore. It also plans to add representatives in Indonesia and Cambodia in the coming months.  However, the model of medical tourism has now changed, due partly to weaker regional currencies, rising medical standards in Malaysia and Thailand, and higher medical costs in Singapore, he pointed out.  “Several emerging Asian countries now desire to upgrade their domestic healthcare capabilities in order to reduce their outflow of patients. Livingstone Health believes it can offer its expertise to these countries,” he added.  In April, Livingstone Health announced it will partner Hong Kong-listed China Machinery Engineering Corporation (CMEC) and CPG Consultants Pte Ltd to evaluate collaboration opportunities for integrated healthcare infrastructure projects in Southeast and South Asia.&nbsp;  The Group’s first foray overseas was through a joint venture in 2019 to provide aesthetics and wellness, as well as project consultancy services in Cambodia. “Building on this track record, we intend to leverage the Singapore healthcare brand to offer regional economies with our medical expertise and experience,” he noted.  Nimble Adaptability  While building a strong foundation for the business is a priority, Livingstone Health is also aware of the importance of developing a coherent Environmental, Social and Governance (ESG) strategy, Tay said.&nbsp;  “We’re a relatively young company that just obtained a listing - we’ll need time to prepare a measurable and meaningful ESG strategy that is aligned with our vision to become a multi-disciplinary healthcare specialist for the Asian region.”  Notwithstanding the bright outlook, industry competition remains a concern, he acknowledged. “The reality is that we are competing with bigger players who have significant resources at their disposal. That said, our advantage lies in being nimble and adaptable.”  “Our doctors are very much aligned with the Group’s vision, and we share similar mindsets and philosophies when it comes to technology adoption and career progression. This gives us the ability to overcome obstacles swiftly as one,” he added.  This dovetails with Tay’s passion to build a well-rounded and collegial team at Livingstone Health. “As the Group expands, I strongly believe that every member will grow along with us.”  Despite his focus on the Group’s operational needs, the 43-year-old is mindful of maintaining a good work-life balance and spending quality time with his daughter, aged 10.  “Being a young parent, I always remember the ‘Blink, and you miss it” moments. As children can grow up very quickly, I greatly cherish every minute I get to spend with her,” Tay said with a laugh.  “The lesson I want to pass on to her and my staff is: While our world today is much more complex than that of my generation or my parents’ generation, simple fundamental truth matters,” he added.  “We reap what we sow, and transparency, simplicity as well as diligence are essential elements to building one’s character.”
&nbsp;
Livingstone Health Holdings Ltd
Livingstone Health is a Singapore-based, multidisciplinary healthcare group whose core competencies include Aesthetics &amp; Wellness, Anaesthesiology &amp; Pain Management, Family Medicine, Internal Medicine and Orthopaedic Surgery. The Group has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre located at convenient and accessible locations throughout Singapore. In addition, the Group has also ventured into other paramedical products and services, such as physiotherapy. It has a joint venture to provide aesthetics and wellness services in Cambodia, and also offers healthcare design consultancy services.
The company website is: www.livingstonehealth.com.sg  Click&nbsp;here&nbsp;for the company's StockFacts page.  For the 15 months ended 31 March 2021 financial results, click&nbsp;here. &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;here. &nbsp;  For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;jennifer.t@sgx.com.

Livingstone Health: Cultivating Resilient Growth

<ul>
<li>Livingstone Health, made its debut on the SGX Catalist via a Reverse Takeover. Its core competencies include aesthetics and wellness, anaesthesiology and pain management, family medicine, internal medicine and orthopaedic surgery. Together with its subsidiaries, it operates 12 medical clinics and one medical spa in Singapore. &nbsp;</li>
<li>The Group believes that it is well-positioned to benefit from changing demographic trends such as ageing population, rising affluence, healthier and more active lifestyles, growing uptake of private healthcare insurance and medical tourism in Singapore. It also has plans to expand into new markets Cambodia and around Asia. &nbsp;</li>
<li>With a market cap of about $63 million, the listing of Livingstone Health Holdings Limited brings the total number of companies listed on SGX Catalist to 216, with a combined market capitalisation of around S$11 billion.</li>
</ul>
 Incorporated on Dec 2017, Livingstone Health serves as a multidisciplinary specialist healthcare group built on an asset-light business model with a proven track record of reliability and profitability.&nbsp;Livingstone Health recognizes revenue from the following six segments:
<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-02/Capture_4.PNG" class="editor-image img-responsive"></figure>
<div class="content-caption">Contribution of Key Businesses by revenue streams</div>

Source: Company Circular, based on unaudited financial statements for period 1 Jan 2020 to 30 Jun 2020.
Revenue from “Others” segment was generated in Cambodia.
&nbsp;
Highlights of Livingstone Health’s Debut on SGX Catalist via a Reverse Takeover (RTO)
&nbsp;
<ul>
<li>Well-positioned to capture growing market share and trends such as:
<ul>
<li>Ageing Population in Singapore and globally – By 2035, it is estimated that 32% of Singaporeans will be aged 65 and above, while global population of people aged 65 and above will double to 1.5 billion by 2050.</li>
<li>Rising affluence in Singapore and the Asia Pacific Region – Coupled with an increase in household income, total private consumption expenditure on health increased from S$8.6 billion in 2012 to S$12.8 billion in 2018.</li>
<li>Healthier and more active lifestyles in Singapore – Demand for high quality specialist healthcare services is likely to increase, alongside growing interest in the prevention, early detection and good treatment of ailments, diseases, health hazards, and cancer etc.</li>
</ul>
</li>
<li>Competitive strengths of Livingstone Health include:
<ul>
<li>Patient-centric and multidisciplinary approach to specialist healthcare management and treatment.</li>
<li>Organic growth model underpinned by experienced management team of 15 medical doctors with between 8 and 24 years of clinical experience in their individual fields of specialty.</li>
<li>Built on an asset-light business model, with a track record of reliability and profitability.</li>
</ul>
</li>
</ul>
&nbsp;
Key Business Strategies
&nbsp;
<ol>
<li>Grow existing specialist healthcare services and expand into new services
<ul>
<li>Livingstone Health intends to tap on the proliferation of the healthcare sector by exploring other healthcare-related fields to complement its multidisciplinary approach to specialist healthcare management and treatment.</li>
</ul>
</li>
<li>Expand throughout and beyond Asia through mergers and acquisitions
<ul>
<li>In March 2019, in its first foray overseas, Livingstone Health established a joint venture agreement in Cambodia with Dr. Hy Soryaphea, the founder of Soriya Hospital in Phnom Penh, to provide aesthetics and wellness services in clinical premises located in Soriya Hospital.</li>
<li>In December 2019, Livingstone Health acquired a 51.0% interest in Phoenix Medical Group (PMG), which comprises of family medicine, aesthetics and men’s health services. This is Livingstone Health’s inaugural venture into the family medicine business.</li>
</ul>
</li>
<li>To be progressive and build the “Livingstone” brand
<ul>
<li>Livingstone Health will continue exploring future avenues of growth within Asia by leveraging upon its prevalent success in Singapore, as well as Singapore’s established reputation as a regional medical hub.</li>
<li>The consumerisation of healthcare, coupled with the myriad of healthcare options available to customers, makes brand recognition one of the key priorities for Livingstone Health.&nbsp;</li>
</ul>
</li>
</ol>
&nbsp;
Key Risks (Page 55 of the Company Circular shows a complete list of risk factors)
&nbsp;
<ul>
<li>Livingstone Health competes with other healthcare providers who are more established and have longer operating histories. Increased competition from future healthcare business operators may also further diminish profit margins and affect overall business position.&nbsp;&nbsp;</li>
<li>In the event that COVID-19 becomes more widespread within and beyond Singapore, similar circuit breaker measures may be imposed to defer any non-essential healthcare services such as aesthetics services. Travel restrictions will also hinder any expansion plans for Livingstone Health.</li>
<li>Its operations are subject to the political, economic and social developments as well as laws and regulations in Singapore and globally.</li>
<li>It is subject to risks of medical and legal claims and regulatory actions arising from the provision of medical services and business operations.</li>
</ul>
&nbsp;
Financials &amp; Valuation
&nbsp;
<ul>
<li>Based on its financial statements in the company circular, Livingstone Health maintained a track record of profitability from FY2017 to the 6 months ended 30 June 2020. Net profit after tax recorded S$2.0 million, S$3.2 million, S$1.8 million and S$0.9 million in FY2017, FY2018, FY2019 and 6M2020 respectively.</li>
<li>Total revenue grew from $1.50 million in FY 2017 to S$6,159 million in FY 2019 mostly due to revenue contributions from anaesthesiology and pain management segment, new internal medicine and contributions from the Cambodia Consultancy Project.</li>
<li>According to the company circular, Livingstone Health’s basic and diluted earnings per share is 0.96 Singapore cents for FY2019. The price-to-earnings (P/E) ratio is 20.8x for FY2019, based on the $0.20 price of new post-consolidation shares issued as part of the reverse takeover.</li>
</ul>
<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-02/Capture_5.PNG" class="editor-image img-responsive"></figure>
<div class="content-caption">Revenue</div>

Additional information from the Company Circular (<a href="https://www.sgx.com/regulation/catalodge/citicode-ltd-be-renamed-livingstone-health-ltd/2020-12-31" target="_blank" rel="noopener">Link</a>)
&nbsp;
<ul>
<li>The allotment and issue of new Shares follows the Proposed Share Consolidation pursuant to which the Company will consolidate every 500 shares into one consolidated share, reducing the number of shares from approximately 41.3 billion shares to approximately 82.6 million consolidated shares.</li>
<li>Total Consideration of up to S$72.0 million comprising and to be satisfied by: &nbsp;
<table class="table table-striped">
<tbody>
<tr>
<td>
Base consideration of S$47.0 million
</td>
<td>
Deferred Consideration of up to S$25.0 million
</td>
</tr>
<tr>
<td>
<ul>
<li>S$45.0 million shall be satisfied by the allotment and issue of 225,000,000 new Consolidated Shares at S$0.20 per share to Vendors</li>
<li>S$2.0 million shall be paid in cash to Vendors</li>
</ul>
</td>
<td>
<ul>
<li>Up to S$23.5 million shall be satisfied by the allotment and issue of up to 117,500,000 new Consolidated Shares at S$0.20 per share to Vendors</li>
<li>Up to S$1.5 million shall be paid in cash to Vendors</li>
</ul>
</td>
</tr>
</tbody>
</table>
</li>
</ul>
&nbsp;
Did you know?
Livingstone Health’s name is inspired from the succulent plant Lithops, known as “living stones”, which symbolizes the tenacity to be identified as a leading healthcare provider with a pool of highly skilled and trained medical professionals. &nbsp;


Livingstone Health, made its debut on the SGX Catalist via a Reverse Takeover. Its core competencies include aesthetics and wellness, anaesthesiology and pain management, family medicine, internal medicine and orthopaedic surgery. Together with its subsidiaries, it operates 12 medical clinics and one medical spa in Singapore. &nbsp;
The Group believes that it is well-positioned to benefit from changing demographic trends such as ageing population, rising affluence, healthier and more active lifestyles, growing uptake of private healthcare insurance and medical tourism in Singapore. It also has plans to expand into new markets Cambodia and around Asia. &nbsp;
With a market cap of about $63 million, the listing of Livingstone Health Holdings Limited brings the total number of companies listed on SGX Catalist to 216, with a combined market capitalisation of around S$11 billion.

 Incorporated on Dec 2017, Livingstone Health serves as a multidisciplinary specialist healthcare group built on an asset-light business model with a proven track record of reliability and profitability.&nbsp;Livingstone Health recognizes revenue from the following six segments:

Contribution of Key Businesses by revenue streams

Source: Company Circular, based on unaudited financial statements for period 1 Jan 2020 to 30 Jun 2020.
Revenue from “Others” segment was generated in Cambodia.
&nbsp;
Highlights of Livingstone Health’s Debut on SGX Catalist via a Reverse Takeover (RTO)
&nbsp;

Well-positioned to capture growing market share and trends such as:

Ageing Population in Singapore and globally – By 2035, it is estimated that 32% of Singaporeans will be aged 65 and above, while global population of people aged 65 and above will double to 1.5 billion by 2050.
Rising affluence in Singapore and the Asia Pacific Region – Coupled with an increase in household income, total private consumption expenditure on health increased from S$8.6 billion in 2012 to S$12.8 billion in 2018.
Healthier and more active lifestyles in Singapore – Demand for high quality specialist healthcare services is likely to increase, alongside growing interest in the prevention, early detection and good treatment of ailments, diseases, health hazards, and cancer etc.


Competitive strengths of Livingstone Health include:

Patient-centric and multidisciplinary approach to specialist healthcare management and treatment.
Organic growth model underpinned by experienced management team of 15 medical doctors with between 8 and 24 years of clinical experience in their individual fields of specialty.
Built on an asset-light business model, with a track record of reliability and profitability.



&nbsp;
Key Business Strategies
&nbsp;

Grow existing specialist healthcare services and expand into new services

Livingstone Health intends to tap on the proliferation of the healthcare sector by exploring other healthcare-related fields to complement its multidisciplinary approach to specialist healthcare management and treatment.


Expand throughout and beyond Asia through mergers and acquisitions

In March 2019, in its first foray overseas, Livingstone Health established a joint venture agreement in Cambodia with Dr. Hy Soryaphea, the founder of Soriya Hospital in Phnom Penh, to provide aesthetics and wellness services in clinical premises located in Soriya Hospital.
In December 2019, Livingstone Health acquired a 51.0% interest in Phoenix Medical Group (PMG), which comprises of family medicine, aesthetics and men’s health services. This is Livingstone Health’s inaugural venture into the family medicine business.


To be progressive and build the “Livingstone” brand

Livingstone Health will continue exploring future avenues of growth within Asia by leveraging upon its prevalent success in Singapore, as well as Singapore’s established reputation as a regional medical hub.
The consumerisation of healthcare, coupled with the myriad of healthcare options available to customers, makes brand recognition one of the key priorities for Livingstone Health.&nbsp;



&nbsp;
Key Risks (Page 55 of the Company Circular shows a complete list of risk factors)
&nbsp;

Livingstone Health competes with other healthcare providers who are more established and have longer operating histories. Increased competition from future healthcare business operators may also further diminish profit margins and affect overall business position.&nbsp;&nbsp;
In the event that COVID-19 becomes more widespread within and beyond Singapore, similar circuit breaker measures may be imposed to defer any non-essential healthcare services such as aesthetics services. Travel restrictions will also hinder any expansion plans for Livingstone Health.
Its operations are subject to the political, economic and social developments as well as laws and regulations in Singapore and globally.
It is subject to risks of medical and legal claims and regulatory actions arising from the provision of medical services and business operations.

&nbsp;
Financials &amp; Valuation
&nbsp;

Based on its financial statements in the company circular, Livingstone Health maintained a track record of profitability from FY2017 to the 6 months ended 30 June 2020. Net profit after tax recorded S$2.0 million, S$3.2 million, S$1.8 million and S$0.9 million in FY2017, FY2018, FY2019 and 6M2020 respectively.
Total revenue grew from $1.50 million in FY 2017 to S$6,159 million in FY 2019 mostly due to revenue contributions from anaesthesiology and pain management segment, new internal medicine and contributions from the Cambodia Consultancy Project.
According to the company circular, Livingstone Health’s basic and diluted earnings per share is 0.96 Singapore cents for FY2019. The price-to-earnings (P/E) ratio is 20.8x for FY2019, based on the $0.20 price of new post-consolidation shares issued as part of the reverse takeover.


Revenue

Additional information from the Company Circular (Link)
&nbsp;

The allotment and issue of new Shares follows the Proposed Share Consolidation pursuant to which the Company will consolidate every 500 shares into one consolidated share, reducing the number of shares from approximately 41.3 billion shares to approximately 82.6 million consolidated shares.
Total Consideration of up to S$72.0 million comprising and to be satisfied by: &nbsp;




Base consideration of S$47.0 million


Deferred Consideration of up to S$25.0 million





S$45.0 million shall be satisfied by the allotment and issue of 225,000,000 new Consolidated Shares at S$0.20 per share to Vendors
S$2.0 million shall be paid in cash to Vendors




Up to S$23.5 million shall be satisfied by the allotment and issue of up to 117,500,000 new Consolidated Shares at S$0.20 per share to Vendors
Up to S$1.5 million shall be paid in cash to Vendors







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Did you know?
Livingstone Health’s name is inspired from the succulent plant Lithops, known as “living stones”, which symbolizes the tenacity to be identified as a leading healthcare provider with a pool of highly skilled and trained medical professionals. &nbsp;

Livingstone Health – SG-Based Multidisciplinary Specialist Healthcare Group

Singapore

Livingstone Health Holdings Ltd operates as a holding company. The Company, through its subsidiaries, provides orthopaedic surgery, pain and anaesthesiology, internal medicine,  and other health care services. Livingstone Health Holdings serves patients in Singapore.

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