Raffles medical 2017 AR review

High level summary of raffles medical

1) Financial health
Strong operating cash flow
Portfolio of investment properties (freehold clincs), which are marked to market and a potential asset play
Increase DPS
Increase revenue 0.8%, increase NPAT 1.1%

Strong insider shareholding and insider uptake of share options

Potential asset play with strong portfolio of freehold and long lease investment properties and clinics (marked to market, might be illiquid)

Drawing down in free cash flow and increase on short term and long term unsecured  debt

2) Risks and prospects (to be raised during AGM)
2017 is a challenging year for medical tourism and may have understated it's potential. Do you foresee and short term or long term recovery? Whom are your possible competitors?

Scored high in client satisfaction index.

Expanding network and services, opening 4 clinics. Also expanding in Hong Kong and Indochina.
Is recruitment efforts in Chongqing going well especially for the 700 bed hospital? Do you foresee any immediate challenges to Chongqing hospital once it is opened?
Expansion efforts and cost management. Is it being handled well.

Not familiar with Insurance arm
What kind of insurance is it underwriting? Does it have a high risk of payment?
Do you foresee any possible risk that may lead to huge payouts (think insurance business large payouts in Singapore)
Is it profitable so far?

Key projects
Rejuvenate existing clinics at hospital

e-commerce platform to sell supplements, medicine and services

SMS queue system to improve efficiency

Medicine concierge services - real time medical advise from doctors at another physical location

Partnership as a one stop corporate solutions. Including TCM and dental

SCDF partnership to provide emergency care, access to A&E to urgent patients at subsidised rates

Partnership with PG scheme and CHAS scheme

Opening of clinics at 6 cities in China to better manage it's branding and exposure

Raffles hospital extension - end 2017
Raffles specialist centre - 22 Jan 2018

700 bed Chongqing -  4Q 2018 , started on recruitment efforts

400 bed shanghai - 2Q 2019

Comments

Post a Comment

Popular posts from this blog

A New Light

 A New Light After a hiatus from writing and picking myself up from the issues in my personal life, I decided it will be great to resume writing on a monthly frequency to connect with my inner self, and connect with like minded thinkers and writers.  Writing and investing is my passion regardless of whether I am getting paid for it. Even if no one is reading about it, writing keeps my mind sharp and discussions with others allows me to bounce off ideas with other experienced / astute investors. I am also thankful to have met new friends in person with a passion in investing in recent months, and reignite my passion in what I loved.  I will resume writing and blogging at https://caveatemptorvenditor.substack.com/
Read more

Portfolio Review 2019 - Performance Review

Image
Quantitative Measures Beta = 0.76, VaR = 8.92%, Expected Shortfall = 17.43% Overall - Time = 19.99% Performance Review for 2019 Beating the STI ETF benchmark is not difficult this year. As a market capitalized ETF, STI ETF was a late buyer in the REIT rally, which highlighted the downside of this methodology. Moreover, a lot of retail investors with larger proportion to REITS performed way better than me. My returns were also punished as I averaged down on Silverlake Axis on the recent price correction. I also sold off a percentage of STI ETF to increase my war chest instead of reallocating to US Stocks, resulting in the missing out of the Christmas rally and the year end momentum play. The S and P 500 trounced the returns of most market participants. I am not certain whether the blind money / DCA via index investors resulted into this phenomenon. There is significantly high PE stocks in the index constituents. Stocks could be simply getting more ...
Read more

Everybody has a plan until they get punched in the face

Image
  Everybody has a plan until they get punched in the face As the china central government continued their spree of popping up regulations in all areas of China economy (Minimum wages, living conditions for drivers, 996 working hours, gaming time for minors, wealth redistribution policies, Banning dancing  grannies , the list goes on), the steep decline in the HK/CN stock prices seem to be consolidating and taking a slight breather for now. Although I have stuck to the plan of disciplined averaging down from July till now, it is never easy to watch your favorite picks go cheaper as new rules are being drafted. It is never easy to stick to your convictions based on the research and thesis of the stocks you hold, and believe you are right amidst the market noise and chaos. Everybody has a plan until they get hit. Then, like a rat, they stop in fear and freeze.You can plan all you want, but you’re going to get hit – probably when you don’t expect it - and it’s going to hurt. ...
Read more