Daily Brief Singapore: Alliance Healthcare Group Ltd, Asian Healthcare Specialists, Centurion Accommodation REIT and more

• Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry tailwinds, including an aging population and increasing demand for digital health services.
• The company’s growth is driven by its diversified business segments, encompassing Managed Healthcare Solutions, GP and Specialist Clinics, Pharmaceutical Services, and a growing Mobile and Digital Health division.
• While demonstrating strong revenue growth, the company faces challenges related to rising operating costs and investments in new ventures that are currently impacting profitability.

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• Multi-disciplinary Specialist Group with Regional Aspirations: Asian Healthcare Specialists (AHS) is a growing multi-disciplinary medical services group in Singapore, offering a wide range of specialised healthcare services. Initially focused on orthopaedics, the company has expanded through organic growth and acquisitions to include anaesthesia, dermatology, gastroenterology, ophthalmology, urology, and family medicine. A key part of its strategy is to export the Singapore brand of high-quality healthcare to the region, with an initial foray into Myanmar.
• Experienced Medical Professionals Driving Quality Care: The group’s strength lies in its team of experienced medical professionals, with many having over 20 years of experience in both public and private healthcare sectors. This deep expertise allows AHS to focus on providing ethical, high-quality, and patient-centric care, which is a core tenet of its business philosophy. The company aims to provide a comprehensive suite of in-house services for complex medical issues that require input from various specialities.
• Favorable Industry Tailwinds Supporting Growth: AHS is well-positioned to benefit from favorable demographic and industry trends in Singapore. An ageing population is expected to drive demand for healthcare services, particularly in areas like orthopaedics. Furthermore, rising income levels, a growing number of insured patients, and Singapore’s reputation as a regional healthcare hub are expected to contribute to the growth of the private healthcare market.

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• Centurion Accommodation REIT (CAREIT) is Singapore’s first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.
• The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.
• CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.

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