ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Health Services

Raffles Medical Group Ltd.

  • 1.03 SGD
  • 0.00
  • 0.00%
  • Singapore
    May 17, 2019
  • Ticker
    SES(BSL)
  • Prev. close
    1.03
  • Market cap (SGD)
    1,852.38M
  • Market cap (USD)
    1,345.23M
  • Shares
    1,798.43M

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 and other general medical services, provision of health insurance, trading in pharmaceutical and nutraceutical products and diagnostic equipment, and provision of management and consultancy services. The Hospital Services segment provides specialized medical services and operates hospital and business of medical laboratory and imaging center. The Investment Holdings segment refers to the investment properties. The company was founded by Choon Yong Loo and Alfred Loh in 1976 and is headquartered in Singapore.

Financial Highlights

Dec 2018 SGDUSD
Revenue489.13M362.50M
Gross Profit125.16M92.76M
Operating income81.00M60.03M
Income before tax84.13M62.35M
Net income71.05M52.66M
EBITDA99.27M73.57M
Diluted EPS0.030.02
Dividends Per Share0.020.01
Total Assets1,116.28M818.99M
Total liabilities299.66M219.85M
Total equity800.48M587.29M
Operating cash flow92.60M68.63M
Currency in SGDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 374.64M 410.53M 473.60M 477.58M 489.13M
Gross Profit 108.70M 113.05M 125.55M 121.36M 125.16M
Operating income 76.16M 77.27M 78.57M 77.28M 81.00M
Income before tax 81.28M 81.60M 82.93M 80.81M 84.13M
Net income 67.63M 69.29M 70.21M 70.77M 71.05M
EBITDA 85.80M 90.08M 93.23M 92.28M 99.27M
Diluted EPS 0.03 0.04 0.04 0.04 0.03
Dividends Per Share 0.01 0.01 0.02 0.02 0.02
Total Assets 655.02M 814.93M 900.63M 1,005.86M 1,116.28M
Total liabilities 114.75M 192.90M 218.78M 254.23M 299.66M
Total equity 538.80M 603.10M 666.38M 734.05M 800.48M
Operating cash flow 94.52M 73.94M 80.04M 83.64M 92.60M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 295.69M 298.51M 343.03M 345.95M 362.50M
Gross Profit 85.79M 82.20M 90.94M 87.91M 92.76M
Operating income 60.11M 56.19M 56.90M 55.98M 60.03M
Income before tax 64.15M 59.33M 60.06M 58.54M 62.35M
Net income 53.38M 50.38M 50.85M 51.27M 52.66M
EBITDA 67.72M 65.50M 67.53M 66.84M 73.57M
Diluted EPS 0.03 0.02 0.02 0.02 0.02
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 494.32M 574.44M 623.40M 752.66M 818.99M
Total liabilities 86.60M 135.97M 151.44M 190.23M 219.85M
Total equity 406.61M 425.12M 461.26M 549.27M 587.29M
Operating cash flow 74.60M 53.76M 57.97M 60.59M 68.63M

Valuation Measures

Dec 2018
PER27.63
ROA6.69%
ROE9.26%
Operating margin16.56%
Profit margin14.52%

Key executives

  • Chief Financial Officer: Ann Nee Goh
  • Chief Information Officer: 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 (48.9%)
  • Aberdeen Standard Investments (Asia) Ltd. (5.9%)
  • S&D Holdings Pte Ltd. (3.2%)
  • First State Investment Management (UK) Ltd. (2.5%)
  • The Vanguard Group, Inc. (1.2%)
  • Norges Bank Investment Management (0.9%)
  • TAN TIANG LEE (0.8%)
  • Dimensional Fund Advisors LP (0.5%)
  • YII HEE SENG (0.5%)
  • BlackRock Fund Advisors (0.5%)

Contact Details

Related Companies

  • Raffles Medical China Pte Ltd.
  • Shanghai Capital Pte Ltd.
  • Raffles Diagnostica Pte Ltd.
  • Raffles Japanese Clinic Pte Ltd.
  • Raffles SurgiCentre Pte Ltd.
  • Raffles Health Insurance Pte Ltd.
  • Raffles Medical Properties Pte Ltd.

Competitors

    Last Updated on 17 May, 2019

    You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

    Stay ahead with our exclusives on Asia;
    the most dynamic market in the world.

    Stay ahead with our exclusives on Asia

    Get trusted insights from experts within Asia itself.

    Get trusted insights from experts
    within Asia itself.

    Get Unlimited access

    You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

    This is your last free article this month

    Stay ahead with our exclusives on Asia; the most
    dynamic market in the world
    .

    Get trusted insights from experts
    within Asia itself.

    Try 3 months for $9

    Offer ends May 26th

    Your trial period has expired

    You need a subscription to...

    • Read all stories with unlimited access
    • Use our mobile and tablet apps
    See all offers and subscribe

    Your full access to the Nikkei Asian Review has expired

    You need a subscription to:

    • Read all stories with unlimited access
    • Use our mobile and tablet apps
    See all offers
    NAR on print phone, device, and tablet media