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Health Services

Raffles Medical Group Ltd.

  • 1.17 SGD
  • 0.00
  • 0.00%
  • Singapore
    Apr 20, 2018
  • Ticker
    SES(BSL)
  • Prev. close
    1.17
  • Market cap (SGD)
    2,072.93M
  • Market cap (USD)
    1,574.93M
  • Shares
    1,771.73M

Company Background

Raffles Medical Group is the largest private medical service operator in Singapore. It operates over 100 multidisciplinary clinics across Singapore, as well as medical centers in Hong Kong and Shanghai. Its renowned medical tourism business is supported by its flagship facility Raffles Hospital, located adjacent to the central business district in the city-state. Specialized clinics with highly-skilled doctors recruited from all over the world attract patients globally.

Raffles Medical started in 1976 when Dr. Loo Choon Yong, co-founder and current executive chairman, and his classmate Dr. Alfred Loh, set up two private clinics in the financial district and tourist district of Singapore. The company went public in 1997. Loo is the second-largest shareholder of the group, after the holding company Raffles Medical Holdings. The group is expanding capacity. In Singapore, the group plans to open additional hospital space on newly-acquired land adjacent to Raffles Hospital in 2016. It is also developing a five-story commercial building housing medical clinics and retail shops in western Singapore, which it plans to open the same year. Overseas, the group is focusing on growth in China and Hong Kong, with plans to develop and operate hospitals offering tertiary care in Shenzhen and Shanghai.

Business Summary

Raffles Medical Group Ltd. is an investment holding company, which engages in the operation of medical clinics and other general medical services. It operates through the following segments: Healthcare Services, Hospital Services, and Investment Holdings. The Healthcare Services segment includes the management of medical clinics; provision of healthy insurance, and management and consultancy services; and trading of pharmaceutical and nutraceutical products and diagnostic equipment. The Hospital Services segment provides specialized medical services and operates hospital and business of medical laboratory and imaging centre. The company was founded by Yong Loo Choon and Alfred Loh in 1976 and is headquartered in Singapore.

Financial Highlights

Dec 2017 SGDUSD
Revenue477.58M345.95M
Gross Profit121.36M87.91M
Operating income77.28M55.98M
Income before tax80.81M58.54M
Net income70.77M51.27M
EBITDA92.28M66.84M
Diluted EPS0.040.02
Dividends Per Share0.020.01
Total Assets1,005.86M752.66M
Total liabilities254.23M190.23M
Total equity734.05M549.27M
Operating cash flow83.64M60.59M
Currency in SGDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 340.98M 374.64M 410.53M 473.60M 477.58M
Gross Profit 99.76M 108.70M 113.05M 125.55M 121.36M
Operating income 70.10M 76.16M 77.27M 78.57M 77.28M
Income before tax 95.23M 81.28M 81.60M 82.93M 80.81M
Net income 84.89M 67.63M 69.29M 70.21M 70.77M
EBITDA 78.36M 85.80M 90.08M 93.23M 92.28M
Diluted EPS 0.05 0.03 0.04 0.04 0.04
Dividends Per Share 0.01 0.01 0.01 0.02 0.02
Total Assets 573.43M 655.02M 814.93M 900.63M 1,005.86M
Total liabilities 99.64M 114.75M 192.90M 218.78M 254.23M
Total equity 472.50M 538.80M 603.10M 666.38M 734.05M
Operating cash flow 72.08M 94.52M 73.94M 80.04M 83.64M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 272.50M 295.69M 298.51M 343.03M 345.95M
Gross Profit 79.72M 85.79M 82.20M 90.94M 87.91M
Operating income 56.02M 60.11M 56.19M 56.90M 55.98M
Income before tax 76.10M 64.15M 59.33M 60.06M 58.54M
Net income 67.84M 53.38M 50.38M 50.85M 51.27M
EBITDA 62.62M 67.72M 65.50M 67.53M 66.84M
Diluted EPS 0.04 0.03 0.02 0.02 0.02
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 454.16M 494.32M 574.44M 623.40M 752.66M
Total liabilities 78.91M 86.60M 135.97M 151.44M 190.23M
Total equity 374.23M 406.61M 425.12M 461.26M 549.27M
Operating cash flow 57.60M 74.60M 53.76M 57.97M 60.59M

Valuation Measures

Dec 2017
PER27.86
ROA7.42%
ROE10.10%
Operating margin16.18%
Profit margin14.82%

Key executives

  • Chief Financial Officer: Ann Nee Goh
  • Director-Information Technology & Head-IT: Kah Ling Teo
  • Senior Clinical Director-Raffles Medical: Alfred Loh
  • Chief Corporate Officer: Prem Kumar Nair
  • Director-Corporate Development: Lawrence Lim

Shareholders

  • LOO CHOON YONG (48.8%)
  • Aberdeen Asset Management (Asia) Ltd. (6.2%)
  • S&D Holdings Pte Ltd. (3.2%)
  • First State Investment Management (UK) Ltd. (2.0%)
  • FIL Investment Management (Singapore) Ltd. (1.8%)
  • FIL Investment Management (Hong Kong) Ltd. (1.4%)
  • The Vanguard Group, Inc. (1.1%)
  • Norges Bank Investment Management (0.9%)
  • TAN TIANG LEE (0.7%)
  • First State Investments (Singapore) (0.5%)

Contact Details

Related Companies

  • Raffles SurgiCentre Pte Ltd.
  • Raffles Health Insurance Pte Ltd.
  • Raffles Medical Properties Pte Ltd.

Competitors

    Last Updated on 20 Apr, 2018

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