Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The share price has increased by around 20% since mid-last year.</li>
<li>A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. </li>
<li>Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. </li>
</ul>


The share price has increased by around 20% since mid-last year.
A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. 
Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. 


External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.</li><li>With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.</li><li>Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thomson-medical-group-limited" target="_blank" data-smartkarma-citation="entities:8495:1" rel="noopener">Thomson Medical Group Limited (TMG SP)</a> has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.</li>
<li>Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  </li>
<li>Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.</li>
</ul>



Thomson Medical Group Limited (TMG SP) has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.
Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  
Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.


Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Raffles Medical's share price has corrected by 10% in the last one month.</li><li>With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock.</li><li>Reiterate BUY and S$1.75 target price, 33% upside and ~3% yield</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical's share price has corrected by 10% in the last one month.With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock.Reiterate BUY and S$1.75 target price, 33% upside and ~3% yieldContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

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.

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<ul><li>The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.</li><li>The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.</li><li>Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.</li></ul>

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.

Bright Spots in Singapore's Healthcare sector

Singapore

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

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Raffles Medical Group (RFMD SP)

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

Thomson Medical is eyeing a controlling stake in a Vietnam-based hospital. With an aging population, rapidly growing middle class, and increasing...

Tina Banerjee

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock. Reiterate BUY and...

RHB Invest

Bright Spots in Singapore's Healthcare sector

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target...

UOB Kay Hian

Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

Thomson Medical is eyeing a controlling stake in a Vietnam-based hospital. With an aging population, rapidly growing middle class, and increasing...

Tina Banerjee

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock. Reiterate BUY and...

RHB Invest

Bright Spots in Singapore's Healthcare sector

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval...

Singapore Exchange Ltd (SGX)