In today’s briefing:
- Raffles Medical (RFMD SP) – Doubts About the Outlook Weigh on Bullish Sentiment
- ThaiBev BeerCo 2022 Pre-IPO – Peer Comp and Thoughts on Valuation
Raffles Medical (RFMD SP) – Doubts About the Outlook Weigh on Bullish Sentiment
- The revenue brought by COVID-19 business wouldn’t be sustainable,and would decrease in the future. The lower-than-expected performance of the hospital services is hard to be the main driver for growth.
- The performance contribution brought by medical tourism would be limited, just partially offset the decline of COVID-19 related revenue. Accordingly, we lowered our forecast on revenue and earnings in FY2022-FY2023.
- Together with the concerns on China business, we have doubts about RMG’s outlook, which would weigh on bullish sentiment. In such a complicated environment, investors are recommended to play safe.
ThaiBev BeerCo 2022 Pre-IPO – Peer Comp and Thoughts on Valuation
- On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
- We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
- In this note we undertake a peer comparison and talk about valuations
Before it’s here, it’s on Smartkarma
