Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  <h2>Results Highlights:</h2><ul>
<li>Revenue: +0.3% on a continued drop in international patients</li>
<li>Operating income: down 0.9% with very tight cost containment in most expense categories.</li>
<li>…</li>
</ul>

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  Results Highlights:
Revenue: +0.3% on a continued drop in international patients
Operating income: down 0.9% with very tight cost containment in most expense categories.
…


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.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">

SGX Healthcare Index Outperformed Asian Benchmark in YTD

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: +1.0% on a continued drop in international patients</li>
<li>Operating income: down 1.9% with very tight cost containment in most expense categories.</li>
<li>Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)</li>
</ul>Management noted the continued weakness in international patients as the main cause of slower growth. One…

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: +1.0% on a continued drop in international patients
Operating income: down 1.9% with very tight cost containment in most expense categories.
Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)
Management noted the continued weakness in international patients as the main cause of slower growth. One…

Sluggish Revenue Growth With New Capacity Coming

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: down 1.7% on a drop in international patients</li>
<li>Operating income: down 3.4% with very tight cost containment in most expense categories.</li>
<li>Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)</li>
</ul>Management's commentary was rightfully sober: <blockquote>Going forward, demand for healthcare services may be…</blockquote>

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: down 1.7% on a drop in international patients
Operating income: down 3.4% with very tight cost containment in most expense categories.
Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)
Management's commentary was rightfully sober: Going forward, demand for healthcare services may be…

Raffles Medical: Ouch! Revenue DECLINE in Q1

Declines in international patient volumes weighed on the year-end results for both <a href="https://www.smartkarma.com/entities/883" target="_blank" data-smartkarma-citation="entities:883:1">Bumrungrad Hospital Pub Co (BH TB)</a> and <a href="https://www.smartkarma.com/entities/875" target="_blank" data-smartkarma-citation="entities:875:1">Bangkok Dusit Med Service (BDMS TB</a>). Middle Eastern governments' reductions in spending for medical care provided outside the region took effect in mid-2016, and will continue to bite through mid-2017. Both companies' efforts to increase international patient flow from new markets don't appear to be paying off quickly.  Shares of both companies likely will be range-bound until growth accelerates.

Declines in international patient volumes weighed on the year-end results for both Bumrungrad Hospital Pub Co (BH TB) and Bangkok Dusit Med Service (BDMS TB). Middle Eastern governments' reductions in spending for medical care provided outside the region took effect in mid-2016, and will continue to bite through mid-2017. Both companies' efforts to increase international patient flow from new markets don't appear to be paying off quickly.  Shares of both companies likely will be range-bound until growth accelerates. 

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.

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

Raffles Medical Group (RFMD SP)

Q3: Reality Starting to Sink In

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up...

Kemp Dolliver, CFA

SGX Healthcare Index Outperformed Asian Benchmark in YTD

Singapore Exchange Ltd (SGX)

Sluggish Revenue Growth With New Capacity Coming

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company...

Kemp Dolliver, CFA

Raffles Medical: Ouch! Revenue DECLINE in Q1

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company...

Kemp Dolliver, CFA

The Oil Slick Continues to Spread

Declines in international patient volumes weighed on the year-end results for both Bumrungrad Hospital Pub Co (BH TB) and Bangkok Dusit Med Service...

Kemp Dolliver, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)