Raffles Medical Group Limited - PhillipCapitalinternetfileserver.phillip.com.sg/POEMS/Stocks/... ·...

31 October 2014

Page | 1 MCI (P) 046/11/2013 Ref. No.: SG2014_0167

Raffles Medical Group Ltd Thriving in a world-class healthcare hub in Singapore

SINGAPORE | HEALTHCARE | INITIATION

Rating: Neutral

Group overview

Integrated healthcare organisation; operates medical clinics, a tertiary care hospital, insurance services and a consumer healthcare division.

Plans to expand hospital services segment to Shanghai and Shenzhen while actively pursuing growth in Singapore.

Market cap of over S$2 billion; ~40% public float (as of Mar-14). Recent developments

1) Extension to Raffles Hospital - with acquisition of adjacent land and previously approved intensification of existing land, the S$310 million expansion project will increase Raffle Hospital’s floor area by 70% to over 520,000 sqf, catering for growth in demand for its specialist and medical services and research activities. Expected to be ready in 2017.

2) New mall at Holland Village – RMG has acquired a property site located next to Holland Village MRT station in Jan 2014. The property will be redeveloped into a 5-storey commercial mall comprising of banks, retail and F&B outlets and RMG’s medical and specialist clinics. The project is estimated to cost S$120 million and is expected to be completed in 2016.

Key competitive strengths

Owns one of the largest networks of private medical clinics in Singapore.

Operates a tertiary healthcare hospital, offering a full range of specialist, medical and diagnostic services across multiple disciplines.

Subscribes to group practice model, providing a holistic approach and integrated team-based healthcare for patients.

Established 38 years of track record and history in healthcare services.

Strong management team and clinical leaders. Investment Merits

Growth prospects in Singapore healthcare sector due to ageing demographics, medical tourism and rising affluence in the region.

Potential strong growth opportunity from expansion in China.

Strong cash flow generation; net cash position of S$119m.

Defensive business; healthcare is a necessity. Key Risks

Increase in capacity and quality in public healthcare.

Rising staff costs.

Ebola outbreak or similar SARS crisis occurrence.

Execution risks or delays in the two development projects.

Regulatory risks in Singapore and China. Investment Action We initiate coverage on RMG with Neutral rating, with a target price of S$3.90. Our target price is derived based on DCF valuation model with 7.7% WACC and 3% terminal growth. While favourable demographics, medical tourism and rising affluence in the region provide good growth prospects for RMG, we deemed that the stock may be fairly valued at present moment, with FY15F PE of ~30x. Positive price catalysts would include concrete plans of RMG’s expansion in China announcements and strong boost to Singapore’s medical tourism.

Target Price (SGD)

Forecast Dividend (SGD)

Closing Price (SGD)

Potential Upside

Company Description

Company Data

Raw Beta (Past 2yrs weekly data) 0.66

Market Cap. (USD mn / SGD mn) 1691 / 2160

Ent. Value (USD mn / SGD mn) 1599 / 2042

3M Average Daily T/O (mn) 0.305

Closing Px in 52 week range 2.97 4.09

Major Shareholders (%)

38.6

10.0

5.7

Valuation Method

DCF (WACC: 7.7%; termina l g: 3.0%)

Analyst

Colin Tan

col intanwh@phi l l ip.com.sg

+65 6531 1221

1. Raffles Medica l Holdings

2. Choon Yong Loo

3. Aberdeen

3.900

0.055

3.840

3.0%

Raffles Medica l Group Ltd (RMG) owns and

operates a network of fami ly medicine

cl inics , a tertiary care private hospita l ,

insurance services and a consumer

healthcare divis ion and provides medica l

services in Singapore, Hong Kong and

Shanghai . Founded in 1976, RMG now serves

over 1 mi l l ion patients and over 6,500

corporate cl ients .

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Raffles Medical Group Ltd 31 October 2014

Page | 2

FYE Dec FY12 FY13 FY14F FY15F FY16F FYE Dec FY12 FY13 FY14F FY15F FY16F

Income Statement (SGD mn) Balance Sheet (SGD mn)

Revenue 312 341 371 403 445 PPE 154 154 359 474 561

EBITDA 70 78 82 92 102 Intangibles 0 0 0 0 0

Depreciation & Amortisation (8) (8) (9) (9) (11) Associates & JVs 0 0 0 0 0

EBIT 62 70 73 83 90 Investment properties 195 100 100 100 100

Net Finance (Expense)/Inc 0 1 1 0 0 Others 0 0 0 0 0

Associates & JVs 0 0 0 0 0 Total non-current assets 349 254 459 575 662

Exceptional i tems 4 24 0 0 0 Inventories 5 9 7 8 8

Profit Before Tax 67 95 74 84 91 Accounts Receivables 38 44 42 46 50

Taxation (9) (10) (11) (12) (13) Cash balance 102 266 130 82 70

Profit After Tax 57 85 63 71 78 Others 0 0 0 0 0

Minori ty interest (0) (0) (0) (0) (0) Total current assets 146 319 179 135 129

Net Income, reported 57 85 63 71 77 Total Assets 495 573 638 710 790

Net Income, adj. 53 61 63 71 77 Short term loans 20 5 5 5 5

Accounts Payables 66 73 75 81 89

Others 17 20 20 20 20

FYE Dec FY12 FY13 FY14F FY15F FY16F Total current liabilities 104 98 100 106 114

Per share data (SGD) Long term loans 0 0 0 (0) (0)

EPS, reported 0.11 0.15 0.11 0.13 0.14 Others 2 2 2 2 2

EPS, adj. 0.10 0.11 0.11 0.13 0.14 Total non-current liabilities 2 2 2 2 2

DPS 0.05 0.05 0.06 0.06 0.06 Non-control l ing interest 1 1 2 2 2

BVPS 0.71 0.85 0.95 1.06 1.19 Shareholder Equity 388 473 534 600 672

FYE Dec FY12 FY13 FY14F FY15F FY16F FYE Dec FY12 FY13 FY14F FY15F FY16F

Cashflow statements (SGD mn) Valuation Ratios

CFO P/E (X), adj. 33.1 29.6 34.1 30.4 28.0

Profi t before tax 67 95 74 84 91 P/B (X) 4.5 3.8 4.1 3.6 3.2

Adjustments 6 (14) 11 11 14 EV/EBITDA (X) 24.0 19.8 25.0 22.3 20.1

WC changes 6 0 7 2 3 Dividend Yield (%) 1.4% 1.5% 1.4% 1.6% 1.6%

Cash generated from ops 79 82 92 96 107 Growth & Margins (%)

Taxes pa id (9) (10) (11) (12) (13) Growth

Cashflow from ops 70 71 81 84 94 Revenue 14.2% 9.4% 8.9% 8.7% 10.3%

CFI EBITDA 8.9% 11.4% 4.4% 12.2% 10.9%

CAPEX, net (10) (8) (214) (124) (98) EBIT 8.9% 12.2% 4.2% 13.8% 8.9%

Others (1) 119 1 0 0 Net Income, adj. 9.7% 14.5% 3.9% 13.0% 8.6%

Cashflow from investments (10) 111 (213) (124) (98) Margins

CFF EBITDA margin 22.6% 23.0% 22.0% 22.7% 22.8%

Share i ssuance 4 6 8 4 4 EBIT margin 20.0% 20.5% 19.7% 20.6% 20.3%

Loans , net of repayments (2) (15) 0 0 0 Net Profi t Margin 18.4% 25.0% 17.0% 17.7% 17.4%

Dividends (9) (10) (12) (12) (12) Key Ratios

Others (0) (0) (0) (0) (0) ROE (%) 14.6% 14.1% 12.5% 12.5% 12.2%

Cashflow from financing (6) (19) (4) (9) (9) ROA (%) 11.5% 11.3% 10.4% 10.6% 10.3%

Net change in cash 53 163 (136) (48) (12)

Effects of exchange rates (0) 0 0 0 0 Net Debt/(Cash) (83) (261) (125) (77) (65)

CCE, end 102 266 130 82 70 Net Gearing (X) Net cashNet cashNet cashNet cashNet cash

Source: Company Data, PSR est

*Forward multiples and yields are based on current price; historical multiples and yields are based on historical prices


Page | 3

Table of Contents Business Overview ............................................................................................................................................................................. 4

Growth Drivers for RMG .................................................................................................................................................................... 4

Growing Medical Tourism ........................................................................................................................................................................... 4

Rising Affluence .......................................................................................................................................................................................... 6

Ageing Population and Longer Life Expectancy .......................................................................................................................................... 7

Recent Developments ........................................................................................................................................................................ 8

#1. Extension to Raffles Hospital ................................................................................................................................................................ 8

#2. Acquisition of Property at Holland Village ............................................................................................................................................ 8

Overseas Expansion Plans .................................................................................................................................................................. 8

Management and Governance ........................................................................................................................................................... 9

Board of Directors ....................................................................................................................................................................................... 9

Share Ownership ........................................................................................................................................................................................ 9

Senior Management Team & Clinical Leaders ............................................................................................................................................ 9

Industry Overview ............................................................................................................................................................................. 9

Public Healthcare ........................................................................................................................................................................................ 9

Private Healthcare .................................................................................................................................................................................... 10

Differentiation in Healthcare .................................................................................................................................................................... 10

Group Practice Model ............................................................................................................................................................................... 10

Competitive Peers..................................................................................................................................................................................... 11

Healthcare Financing and Subsidies ......................................................................................................................................................... 12

Healthcare Regulation .............................................................................................................................................................................. 12

Healthcare Manpower .............................................................................................................................................................................. 12

Threat of Substitutes? .............................................................................................................................................................................. 12

Porter’s Five Forces Analysis ..................................................................................................................................................................... 13

Financial Analysis ............................................................................................................................................................................ 14

Operating Segments ................................................................................................................................................................................. 14

Revenue Growth ....................................................................................................................................................................................... 14

Expenses ................................................................................................................................................................................................... 15

Operating Margins and Earnings Growth ................................................................................................................................................. 15

Financial position ...................................................................................................................................................................................... 16

Recent 3Q Performance ........................................................................................................................................................................... 16

Financial Forecasts .................................................................................................................................................................................... 17

Investment Risks ............................................................................................................................................................................. 18

Increase in capacity and quality in public healthcare ............................................................................................................................... 18

Rising staff costs ....................................................................................................................................................................................... 18

Ebola outbreak or similar SARS crisis occurrence ..................................................................................................................................... 18

Execution risks or delays in hospital extension and Holland Village projects .......................................................................................... 18

Regulatory risks in Singapore and China ................................................................................................................................................... 18

Valuation ......................................................................................................................................................................................... 19

Appendix ......................................................................................................................................................................................... 20

Board of Directors ..................................................................................................................................................................................... 20

Senior Management Team ....................................................................................................................................................................... 20

Corporate Milestones ............................................................................................................................................................................... 21


Page | 4

Business Overview Raffles Medical Group (RMG) owns and operates a network of family medicine clinics, a tertiary care private hospital, insurance services and a consumer healthcare division. RMG also operates medical centres in Hong Kong and Shanghai. Raffles Hospital Raffles Hospital is a tertiary care private hospital and the flagship of RMG. Located in the heart of the city in Singapore, Raffles Hospital offers a full range of specialist, medical and diagnostic services that spans across over 35 specialties. Its 21 specialist centres meet a wide variety of medical needs such as obstetrics and gynaecology, cardiology, oncology and orthopaedics. Raffles Hospital continues to grow with new specialist centres and services, including its new Raffles Nuclear Medicine Centre, which was opened in July 2014. The centre will enhance the hospital’s cancer diagnostics and treatment capabilities. Raffles Medical RMG operates over a network of over 70 medical clinics across Singapore and 4 medical centres in Hong Kong and Shanghai under the ‘Raffles Medical’ brand. These include the airport clinics located in Singapore’s Changi International Airport and Hong Kong’s Chek Lap Kok International Airport. Apart from treatment of basic health ailments, its clinics also offer other services which include dental services, health checks, travel health services and workplace health consultancy. Raffles Health Insurance As an extension of its healthcare services, RMG also offers health insurance policies for both corporate groups and individuals under its subsidiary Raffles Health Insurance (RHI). Since 2008, RHI has partnered Bupa Global to offer a range of international private health plans, insured by RHI and administered by Bupa, to cater to the needs of individuals and corporates of international business community in Singapore. Raffles Health Raffles Health, the Group’s consumer healthcare division, develops and distributes a full range of nutraceuticals, supplements, vitamins and medical diagnostic equipment for personal healthcare through retail channels in Singapore and in the regional markets, which include Indonesia, Hong Kong, and Brunei. Raffles Health has also expanded its range of products to include Chinese Proprietary Medicine like Cordyceps and Bai Feng Wan.

Growth Drivers for RMG Since its founding in 1976 with just 2 clinics in Singapore, RMG has grown its operations to serve over 1 million patients and 6,500 corporate clients today. From 1994 to 2013, revenue has grown at 16% CAGR to S$341m as of end Dec 13, driven by growing demand for private healthcare in Singapore. Growth contributing factors include increasing number of foreign patients, rising affluence in the region and ageing population along with longer life expectancy in Singapore. Growing Medical Tourism Medical tourism has major contribution to RMG’s growth in the hospital services segment. About 1/3 of Raffles Hospital’s patients are foreigners coming from more than 100 countries. Indonesians top the list, which makes up about 20% of foreign patients. To support the growing foreign patient segment and provide assistance relating to travel documents and medical bookings. RMG has set up patient liaison offices in Indonesia, Vietnam, Bangladesh, Myanmar, Russia and Cambodia. Overseas patients may also be referred through associate networks, International insurance companies, and other healthcare partners.

Hospital Services is the biggest segment contributing to RMG revenue and operating profit. Refer to Financial Analysis section for further info.

http://www.raffleshealthinsurance.com/


http://rafflesmedicalgroup.com.sg/health-supplements/welcome-to-raffles-health.aspx


Page | 5

RMG is a beneficiary of rising number of foreign patients travelling to Singapore to seek medical treatments. According to Singapore’s Ministry of Health (MOH) and the Singapore Tourism Board (STB), foreign patients were mostly from neighbouring countries, with Indonesians accounted for 47.2% of medical tourists in Singapore, followed by Malaysians (11.5%), Bangladeshis (5%), Vietnamese (4.1%) and Myanmar (2.7%) in 2011. Three attributing factors to the strong attraction of foreign patients in Singapore were identified by EIU1:

1) Focus on attracting patients from neighbouring countries through established referral networks with overseas healthcare partners;

2) Demand outpaced supply in their home countries, leading to patients seeking treatment in Singapore;

3) Singapore’s strong reputation for specialist care and critical surgery. Singapore was ranked 1st in Asia (4th globally) according to the Medical Tourism Index, which measures the attractiveness of a country as a medical tourist destination. The country was also ranked top based on Bloomberg’s Most Efficient Health Care 2014 ranking, which tracks factors such as life expectancy, cost of healthcare as percentage of GDP and healthcare cost per capita. With 11 hospitals and 3 medical centres accredited by JCI, Singapore continues to be Asia’s leading medical hub, attracting international patients. Fig 1: Bloomberg’s Most Efficient Health Care 2014 ranking

Source: Bloomberg Medical expenditure by travellers grew at 15.9% CAGR from 2004 to 2013, though it dipped 25%y-y in 2013 to S$832m, amidst decline in tourism receipt per capita for medical expenditure from S$77 in 2012 to S$53 in 2013, based on STB data. The decline in 2013 may be attributed to the rising Singapore dollar, especially against Indonesian Rupiah, which leads to higher healthcare costs in domestic currency for Indonesian patients travelling to Singapore.

1 The Economist Intelligence Unit. (2014, Sep 30). A regional medical-tourism hub. Retrieved from http://country.eiu.com/article.aspx?articleid=1992338383&Country=Singapore&topic=Economy

The Joint Commission International (JCI) is a global leader in international health care accreditations.

http://country.eiu.com/article.aspx?articleid=1992338383&Country=Singapore&topic=Economy


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Fig 2: Medical expenditure by tourists in Singapore

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Rising Affluence Rising affluence in Singapore and neighbouring countries in the region leads to increase in willingness and ability of people to spend on private healthcare services. Singapore’s GDP per capita grew at 5.3% CAGR over 10 years since 2004 and was S$69,050K in 2013. On the back of GDP growth, private consumption expenditure on healthcare services has grown at 8.2% CAGR from 2004 to 2013, accounting for 2.4 – 2.6% of Singapore’s GDP. In real growth rate terms, private expenditure on healthcare grew at 5.1% annualised rate over the same period. Coupled with ageing demographics in the country, the healthcare sector would benefit from rising demand for healthcare needs.

Fig 4: GDP per capita comparison in the region (USD)

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Fig 5: Singapore GDP (nominal) per capita

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Fig 6: Private Consumption Expenditure on Health

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2 Department of Statistics Singapore


Page | 7

Ageing Population and Longer Life Expectancy With an ageing population and longer life expectancy in Singapore, healthcare needs would increase, along with long-term care expenditure for the elderly. Residents aged 65 years and above accounted for 11.2% of Singapore’s resident population as of mid-2014 and that proportion has been on the rise historically. Resident old-age support ratio declined to 6.0 in 2014 and is expected to fall further, as the population continues to age. Singaporeans are also living longer, leading to higher demand for healthcare services for the elderly.

Fig 7: Singapore aging population

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Fig 8: Singapore resident old-age support ratio*

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Fig 9: Rising life expectancy in Singapore

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Page | 8

Recent Developments #1. Extension to Raffles Hospital RMG acquired from the Singapore Land Authority a site adjacent to Raffles Hospital for S$105 million on 21 Jan 2014. With a plot ratio of 5.6, the site would yield a gross floor area (GFA) close to 120,000 sqf. RMG has also obtained approval from the Urban Redevelopment Authority to increase the plot ratio on the existing hospital land from 4.2, representing an additional increase of 100,000 sqf in GFA. The total combined space expansion amounts to 220,000 sqf, which represents 72% increase in Raffles Hospital’s floor area. The new extension will allow the hospital to expand its range of specialist centres and clinical research activities and expand training ground for its healthcare staff. Existing specialist centres may also be moved to the new extension, which would free up space for additional beds. Total project cost, including the site purchase price, is estimated to cost S$310 million and is expected to complete in 2017. We are positive that the extension would further enhance the hospital’s premier healthcare services and boost RMG’s revenue growth. #2. Acquisition of Property at Holland Village RMG acquired the property at 100 Taman Warna, Singapore for S$55 million on 14 Jan 2014 and plans to redevelop the property into a 5-storey commercial building, which would yield 62,720 sqf floor space, of which the net leasable area (NLA) is approximately 45,000 sqf. About 9,000 sqf or ~20% of the NLA would be used for its own outpatient medical and specialist clinics. 4,500 sqf of space would be leased by DBS Bank while the remaining space would be leased to retail and F&B outlets. Based on URA REALIS data, retail outlets in nearby Holland Avenue and Holland Road areas have fetched about S$7.56 – S$26.46 psf/mth (median: S$14.65 psf/mth) during Sep 13 - Aug 14 period. Including the purchase price of the property, the project is estimated to cost S$120 million and expected to complete in 2016. With Holland Village being a popular area for shopping and dining among locals and expats living in the area and the new mall situated next to Holland Village MRT station, we expect the mall would provide an attractive location for both local and expatriate patients as well as a good source of rental income for RMG.

Overseas Expansion Plans While the group continues to experience growth in Singapore, it intends to grow into China and Hong Kong as well. RMG has plans to invest, build and operate a tertiary hospital in Shenzhen and another in Shanghai. New hospital in Shenzhen? In Feb 2013, RMG announced signing of Letter of Intent with China Merchants Group to build a private hospital with more than 200 beds in Shenzhen. The proposed hospital is expected to provide quality medical and healthcare services to foreigners and local residents in the Pearl River Delta region. Another hospital in Shanghai? RMG also announced in Sep 2013 it entered into a framework agreement with Shanghai Lujiazui Co. Ltd to build a private hospital of more than 300 beds in Shanghai. The hospital is expected to serve both local residents and foreign patients in the central business zone of Qiantan, Pudong. With China easing curbs on foreign investment in joint-venture hospitals, rising healthcare demand driven by ageing demographics and rising affluence in the country, and overcrowded hospitals, RMG’s planned expansion in China provides promising growth prospects and would boost earnings growth in the long term.


Page | 9

RMG is also looking to expand its network of medical centres in Hong Kong and Shanghai. Currently it operates 3 medical centres – at Hong Kong International Airport, TaiKoo Place and Central, and 1 medical centre in Shanghai.

Management and Governance Board of Directors RMG adopted a single leadership structure whereby Dr Loo Choon Yong is the Executive Chairman of RMG. He co-founded the group (along with Dr Alfred Loh) in 1976 and has been serving in his current position since 1997 when the group was listed. Other members of the board comprises of 5 independent directors and 1 non-independent director. With independent directors making up more than two-thirds of the board, this exhibits a strong and independent element on the board. Share Ownership Dr Loo currently has a 10% direct stake in RMG but is deemed to have a 52% total interest. The 42% deemed interest comprises RMG shares held by Raffles Medical Holdings Pte Ltd, S&D Holdings Pte Ltd and his spouse, Mdm Leong Lai Chee. Raffles Medical Holdings, which currently has about 38.6% stake, is 100% owned by Dr Loo. The substantial stock ownership by Dr Loo is consistent with the single leadership structure adopted by RMG. As at 11 Mar 14, public float was about 39.9% of RMG shares. Senior Management Team & Clinical Leaders RMG’s senior management team currently consists of 8 members (including Dr Loo) with a combined number of years of experience in the healthcare industry of over 160 years (over 20 years per person on average). RMG also has 16 doctors serving as clinical leaders (with co-founder, Dr Loh, amongst them) who oversee the operations of various business units of the group.

Industry Overview Healthcare facilities range in size – from large, high-tech, specialist hospitals to small medical clinics. The healthcare infrastructure in Singapore consists of both public and private healthcare facilities. RMG faces competition from public healthcare sector as well as from other private healthcare providers. Public Healthcare Public healthcare assets are managed by MOH Holdings Pte Ltd, which is wholly-owned by the government, and its healthcare institutions are divided into 6 broad clusters: 1) National University Health System, 2) National Healthcare Group, 3) Singapore Health Services, 4) Alexandra Health System, 5) Jurong Health Services, and 6) Eastern Health Alliance. Primary healthcare is provided through a network of outpatient polyclinics, which meet 20% of total demand for primary healthcare services, according to MOH. For hospital services, there are 8 public hospitals comprising 6 general hospitals, a women’s and children’s hospital and a psychiatry hospital. A new public hospital, Ng Teng Fong General Hospital, is expected to be ready in early 2015. Medical specialties are also available through six national specialty centres for cancer, cardiac, eye, skin, neuroscience and dental care.

Refer to appendix for list of public hospitals and specialty centres


Page | 10

Private Healthcare Private healthcare facilities consist of numerous private clinics, medical centers as well as private hospitals. They generally offer better service level and less waiting time compared to public healthcare facilities, hence attracting many expatriates and medical tourists. Over 2,000 private medical clinics provide primary healthcare services in Singapore. Private hospitals accounted for 20% of hospital admissions in 2012. Raffles Hospital is the sole private hospital operated by RMG. Other prominent private hospitals such as Gleneagles and Mount Elizabeth Hospital are operated by IHH Healthcare Berhad. Differentiation in Healthcare Generally there is hardly any significant differentiation in outpatient medical treatment among medical clinics and individual patients face low switching costs, thus leading to lower margins as compared to the hospital services segment. Differentiation is more apparent in terms of specialist care and surgical treatment, leading to much higher margins generated in the hospitals services segment. Hospitals face stiffer competition as they compete on efficiency, quality of care and price. RMG’s key competencies in specialist care include oncology, cardiology, obstetrics and gynaecology, gastroenterology and general surgery, orthopaedic surgery and paediatrics. These cater to some of the top conditions of hospitalisation in Singapore, which include cancer, heart diseases, intestinal infectious diseases and obstetric complications affecting fetus and newborn. Fig 10: Top Conditions of Hospitalisation (2012)

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Accident, Poisoning & Violence

% of total discharges

Source: MOH Another key competitive strength of RMG is its large network of private medical clinics in Singapore. While building up the “Raffles Medical” brand, its numerous medical clinics located island-wide helped to gain many corporate clients as well as individual patients who are living in close proximity to the clinics. Group Practice Model RMG subscribes to the Institutional Group Practice Model, a mode of practice adopted by internationally renowned US medical institutions such as the Mayo Clinic. Unlike other private hospitals whereby most of their specialists are independent operators, Raffles Hospital has its specialist doctors on its payroll. Key benefits offered through the Group Practice Model include multidisciplinary collaboration of medical professionals and integrated healthcare treatment to patients.

RMG’s hospital services segment generated 23-25% EBIT margin while healthcare services segment generated 9% EBIT margin in FY10-13.


Page | 11

Competitive Peers IHH Healthcare Berhad is the strongest competitor in the hospital services segment, operating several private hospitals in Singapore. These include Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital, Gleneagles Hospital and Parkway East Hospital. Apart from the new Mount Elizabeth Novena Hospital (opened in Jul-2012), each of its hospital has over 20 years of history. In other areas of healthcare apart from hospital services, RMG faces competition from several other health group providers as well as private medical practitioners. Listed peers include International Healthway Corporation, TalkMed Group, Health Management International and so forth.

Fig 11: Comparison of Healthcare Peers Mkt Prices as of: 28-Oct- Mkt Cap Ent Val

Company FYE (S$mn) (S$mn) FY12/13 FY13/14 FY12/13 FY13/14 FY12/13 FY13/14 FY14/15F FY12/13 FY13/14 FY14/15F FY12/13 FY13/14 FY14/15F

Hospital Services:

IHH Healthcare 12/2013 15,581 17,074 15.7 15.6 10.8 9.3 31.3 49.6 51.6 1.6 1.7 2.1 5.6 3.6 4.2

Raffles Medical 12/2013 2,194 2,076 19.9 20.3 18.2 24.9 24.9 20.2 31.4 3.7 3.6 4.2 15.7 19.7 14.2

Healthcare Services:

TalkMed 12/2013 657 632 74.2 63.6 61.7 50.1 - - 18.5 - - 15.9 287.9 226.6 129.0

Intl Healthway Corp 12/2013 449 665 60.8 20.3 139.9 142.0 - 11.6 - - 3.4 - - 29.4 -

Health Management Intl 06/2014 165 202 11.0 - 3.1 5.5 22.4 17.1 - 1.8 - 4.9 8.4 - 0.3

Healthway Medical Corp 12/2013 107 99 4.4 38.0 9.3 37.9 26.9 5.1 - 1.0 0.8 - 4.2 14.9 -

Singapore Medical Grp 12/2013 40 41 -1.8 - -5.1 -28.1 - - - 9.0 - - -58.2 - -

AsiaMedic 12/2013 26 23 -1.0 -2.2 0.7 0.4 460.0 485.0 - 2.2 2.4 - 0.6 0.4 -

Pacific Healthcare 12/2013 22 18 -23.4 -18.7 -16.1 -16.4 - - - 6.7 7.2 - -96.8 -202.9 -

Dental Services:

Q&M Dental 12/2013 295 275 9.3 8.6 8.8 9.1 38.5 31.3 38.3 7.3 4.4 - 17.8 17.2 15.6

ROE (%)P/E P/BNet MarginsOperating Margins

Source: Bloomberg Fig 12: Private Hospital Bill Per Day – Surgical Specialties (2013)

-60%

-40%

-20%

0%

20%

40%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

FCH GH MAH MEH MNH PEH RH TMC

Average Per Day Premium/Discount to RH (RHS)

Source: MOH

Fig 13: Private Hospital Total Bill Size – Surgical Specialties (2013)

-60%

-40%

-20%

0%

20%

40%

60%

80%

0

5,000

10,000

15,000

20,000

FCH GH MAH MEH MNH PEH RH TMC

Average Total Bill Premium/Discount to RH (RHS)

Source: MOH

*FCH: Fortis Colorectal Hospital, GH: Gleneagles Hospital, MAH: Mount Alvernia Hospital, MEH: Mount Elizabeth Hospital, MNH: Mount Elizabeth Novena Hospital, PEH: Parkway East Hospital, RH: Raffles Hospital, TMC: Thomson Medical Centre


Page | 12

Healthcare Financing and Subsidies Public hospitals are publicly funded while private hospitals rely on payment for healthcare services from patients and health insurance companies for financing. Singaporean patients may use their Medisave, a compulsory individual medical savings account scheme, to pay part of their hospital bills (both public and private). There are also medical insurance schemes available from the government (MediShield) and private insurers to aid patients in paying their hospital bills. These helped to augment healthcare affordability to Singapore citizens and PRs. Healthcare Regulation All healthcare facilities in Singapore are regulated by MOH. Private healthcare facilities are required to apply for licence under the Private Hospitals & Medical Clinics (PHMC) Act/Regulations and are required to maintain a good standard of medical/clinical services. Healthcare professionals are self-regulated by relevant professional bodies and health related products such as medicines, medical devices, supplements, etc. are regulated by the Health Sciences Authority. List of Professional Bodies:

Name of council/board Profession type

Singapore Medical Council Doctors

Singapore Dental Council Dentists

Singapore Nursing Board Nurses, Midwives

Singapore Pharmacy Council Pharmacists

TCM Practitioners Board TCM physicians, acupunturists

Optometrists & Opticians Board Optometrists, opticians

Allied Health Professions Council Therapists, Physiotherapists, etc.

Healthcare Manpower Rising demand for healthcare services leads to need for expansion of healthcare capacity and professional healthcare workforce. NPTD3 guided that the supply of healthcare manpower will have to be supplemented by foreign recruitment to meet the demand. Singapore had only 1 medical school until the opening of two additional medical schools in 2009 and 2013, so as to ease the tight labour supply of local doctors. The Singapore Medical Council recognises medical qualifications from several foreign universities and allows registration of foreign doctors after fulfilling a specified period of active clinical practice. Threat of Substitutes? A possible substitute for traditional healthcare services is alternative medicine, which include Traditional Chinese Medicine (TCM), and acupuncture. Alternative medicine is typically based on cultural, historical or traditions, rather than on scientific evidence. The dangers and benefits of alternative medicine remained unproven and it is unlikely that traditional healthcare treatment can be successfully substituted.

3 National Population and Talent Division, PMO, Singapore

Singapore Medical Schools: 1) NUS Yong Loo Lin School of Medicine

(since 1905) 2) Duke-NUS Graduate Medical School

(since 2009) 3) Lee Kong Chian School of Medicine

(since 2013)


Page | 13

Porter’s Five Forces Analysis Using Porter’s five forces analysis framework, we summarised the factors that would strengthen or weaken each of the forces that determine the competitive intensity and attractiveness of the private healthcare market which RMG competes in below: Power of Buyers: Moderate

Strengthen: Low switching costs; subsidised public healthcare available.

Weaken: Healthcare deemed a necessity; urgent medical care needed at times; differentiation in specialist healthcare services and quality.

Power of Suppliers: Moderate

Strengthen: Essential pharmaceutical drugs; quality doctors & specialists in demand; advanced medical technology and equipment sought after.

Weaken: Competitive pharmaceutical industry; recruitment of foreign doctors & specialists.

Threat of New Entrants: Moderate

Strengthen: Possible on a small scale basis (i.e. opening private clinics in heartlands)

Weaken: Tight regulations; significant capital outlay needed for hospitals; tight supply of quality specialist; competition from large existing incumbents in hospital services segment.

Threat of Substitutes: Low

Strengthen: Possible substitutes from TCM and alternative medicine.

Weaken: Efficacy of alternative medicine questionable; low supply of qualified TCM practitioners.

Degree of Rivalry: Moderate

Strengthen: Competition from public healthcare sector and other private hospitals and clinics; attracting quality doctors & specialists from competitors.

Weaken: Different specialties/focus in healthcare services (i.e. no direct competition); proximity matters more in cases of urgent medical care.

Fig 14: Five Forces Analysis

Power of Buyers

Power of Suppliers

Threat of NewEntrants

Threat of Substitutes

Degree of Rivalry

Source: PSR


Page | 14

Financial Analysis Operating Segments RMG reports its revenue and profits in 3 segments: 1) Healthcare Services, 2) Hospital Services and 3) Investment holdings. Healthcare services Comprises operations 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. Hospital services Provision of specialised medical services and operation of hospital and business of medical laboratory and imaging centre. Investment holdings Relate to shop units within its commercial property, Raffles Hospital building and units of commercial space within Samsung Hub that are leased to external customers. RMG had disposed off its wholly-owned subsidiary that owned Thong Sia building in 31 Oct 20134.

Revenue Growth RMG’s revenue achieved strong topline growth historically, with group revenue growing at 11.2% CAGR from FY09-FY13 (3Y CAGR: 12.6%). Healthcare services and hospital services account for 63% and 34% of FY13 revenue respectively, and contribute to strong group revenue growth.

Fig 15: FY13 Revenue contribution

34%

63%

3%

Healthcare Svcs

Hospital Svcs

Investment Hldgs

Source: Company, PSR

Fig 16: Growth in revenue

101 113 134

169 201

219 239

273

312 341

11%

19%

26%

19%

9% 9%

14% 14%

9%

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Revenue (SGD mn) Revenue y-y% (RHS)


Fig 17: Growth in healthcare services

55 53 61

70 81

89 96

105 117

124

-4%

15%14%

16%

10%

8%9%

11%

6%

-5%

0%

5%

10%

15%

20%

0

20

40

60

80

100

120

140


Healthcare Svcs (SGD mn) Healthcare y-y% (RHS)


Fig 18: Growth in hospital services

50 65

79

106 128

138

164 177

206

231

29%

22%

34%

20%

8%

19%

8%

16%

12%

0%

10%

20%

30%

40%

0

50

100

150

200

250


Hospital Svcs (SGD mn) Hospital y-y% (RHS)


4 Disposed of a wholly-owned subsidiary, Raffles Medical Management Pte Ltd (now known as Orchard Investment Holdings Pte Ltd) that held RMG’s investment property (Thong Sia building) at 30 Bideford Road for a gain of S$20.4 million.


Page | 15

Expenses Staff costs makes up the main bulk of RMG’s expenses (excl operating income item) for FY13 at 62.8% (ranges from 60.3%- 62.8% over last 5 fiscal years). Excluding S$20.4m gain from disposal of its subsidiary which held Thong Sia Building at 30 Bideford Road in FY13, net operating expenses grew at 10.5% CAGR from FY09-FY13 (3Y CAGR: 12.8%).

Fig 19: FY13 Expenses contribution

63%14%

9%

3%

8% 3%Staff Costs

Inv & Consumables

Pur & Contr Svcs

Op Leases

Other exp

Depre & Amort


Fig 20: Growth in normalized expenses*

90 99 115

153 162 174 189

215 249

271

10%

16%

33%

6%8% 9%

14%16%

9%

0%

5%

10%

15%

20%

25%

30%

35%

0

100

200

300

400


Op exp, adj. (SGD mn) Op Exp, adj. y-y% (RHS)


*exclude fair value gains on investment properties and gain on disposal of subsidiary in FY13.

Operating Margins and Earnings Growth Operating margins have continuously rose historically but have stabilised at the 21.4% - 22.0% range over the last 3 years as growth in normalised expenses have caught up with growth in revenue.

Fig 21: Growth comparison between revenue and expenses*

11%

19%

26%

19%

9% 9%

14% 14%

9%10%

16%

33%

6%8% 9%

14%16%

9%

0%

5%

10%

15%

20%

25%

30%

35%


Revenue y-y% (RHS)Op Exp, adj. y-y% (RHS)


Fig 22: EBITDA and operating profits*

11 14 19 16

39 45

50 57

63 71

11% 12%14%

9%

19%21% 21% 21% 20% 21%

14% 15%17%

12%

23% 24% 24% 24%23% 23%

14 17 23 20

46 52

57 65

70 78

0%

10%

20%

30%

0

20

40

60

80

100


EBITDA (SGD mn) Ops profit, adj. (SGD mn)EBITDA margin % (RHS) Ops margin, adj % (RHS)


Fig 23: Growth in earnings*

26%31%

49%

35%

18%13% 14%

10%15%

9 12 16

23

32 37

42 48

53

61

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70


PATMI, adj (SGD mn) PATMI adj. y-y% (RHS)


Fig 24: EPS growth

2.2 2.7

3.5

4.8

6.1

7.2 8.1

9.1 9.8

11.0

24%

28%

37%

27%

18%

12% 13%

8%

12%

0%

10%

20%

30%

40%

0.0

2.0

4.0

6.0

8.0

10.0

12.0


EPS, adj. (SG cts) EPS adj. y-y% (RHS)


*exclude fair value gains on investment properties and gain on disposal of subsidiary in FY13.


Page | 16

Financial position As of end FY13, RMG has a strong net cash level of S$261 million, with S$4.8 million of total debt borrowings (unsecured bank loans). The high increase in net cash position in FY13 was due to contributions from disposal of investment properties at Thong Sia building and $15m net repayment of debt. Adding estimated free cash flows of about $80 million in FY14F and FY15F to the net cash would amount to about S$420 million. RMG would be able to internally finance most of the total S$430 million required for its two expansion projects – the hospital extension and the Holland Village commercial property. Possible shortfall amount, if any, may be financed from debt borrowings.

Fig 25: Net Cash Position

30 33 40

(6)

18 50 85

28 83

261

(0.1)

0.0

0.1

0.2

0.3

0.4

0.5

0.6

(50)

0

50

100

150

200

250

300


Net Cash (SGD mn) Net Cash/Equity (RHS)


Fig 26: Cash Flows with Free Cash Flow

16 11 18 36 35 44 46 58 60 63

(200)

(100)

0

100

200


CFO (SGD mn) CFI (SGD mn)CFF (SGD mn) FCF (SGD mn)


Recent 3Q Performance RMG recently released its 3Q results on 27-Oct-14. Revenue gained 11.1% y-y at S$94.5 million, underpinned by strong growth in revenue from the hospital services and healthcare services segments, at 7.3% and 16.4% respectively. New specialists in several fields, including Obstetrics & Gynaecology, Gastroenterology and Paediatric Surgery, contributed to growth in hospital services for the quarter. However growth was lower than in the previous year, partly attributed to the weakening Rupiah against Singapore dollar which impacted medical tourists from Indonesia. However, management shared that RMG continues to see increase in total number of foreign patients, especially patients from Indochina region. Healthcare services saw strong growth for the quarter mainly due to expansion of its clinic network, which include the new Raffles Medical clinic opened in Marina Bay Financial Centre, contributions from increased provision of healthcare insurance services and acquisition of major corporate clients. PATMI gained 11.3% y-y at S$15.4 million with margins remaining stable. Healthy net cash position of S$119m as of 3Q14. Quarterly results at a glance

(SGD mn) 3Q14 3Q13 y-y (%) 2Q14 q-q (%) Comments

Revenue 94.5 85.1 11.1% 92.6 2.0% Gain fr hospital & healthcare svcs

EBITDA 20.7 18.8 9.7% 20.9 -1.2%

EBIT 18.2 16.8 8.1% 18.7 -3.1% impact from ris ing staff costs

Net Income 15.4 13.9 11.3% 15.6 -1.2% lower effective tax

Net Income, adj. 15.4 13.9 11.3% 15.6 -1.2%



Page | 17

Fig 27: Growth in revenue (quarterly)

72 73 77 79

83 81 87 85 88 88

93 94

15%

11%13%

8%

6%

8%7%

11%

0%

5%

10%

15%

20%

0

20

40

60

80

100

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14



Fig 28: EBITDA and operating profits (quarterly)

17 16 17 17

20 18

20 19

21 19

21 21

16 14 15 15

18 16

18 17

19 17

19 18

24%22% 22% 22%

24%23% 23% 22%

24%22% 23% 22%

22%20% 20% 19%

22%20% 20% 20%

22%20% 20% 19%

0%

5%

10%

15%

20%

25%

30%

0

5

10

15

20

25

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14



Fig 29: Growth in adjusted earnings (quarterly)

16

12 12 13

20

13 14 14

25

15 16 15

23%

16% 16%

10%

23%

8% 8%

11%

0%

5%

10%

15%

20%

25%

30%

0

5

10

15

20

25

30

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14



Fig 30: Net Cash position

28 41 64 69

83 99

122 142

261

93

125 119

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0

50

100

150

200

250

300

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Net Cash (SGD mn) Net Cash/Equity (RHS)


Financial Forecasts With ageing demographics, medical tourism and rising affluence in the region, coupled with development projects in expanding Raffles Hospital and building of new commercial property at Holland Village, we expect sustainable high single digit to low double digit revenue growth in FY14-17F period. Expansion into China would further boost RMG’s revenue growth, though details remain sparse. FY16-17F earnings would likely be weighed down by higher depreciation expenses after completion of the hospital extension and the Holland Village mall.

Fig 31: Growth forecast in total revenue

273 312

341 371

403 445

486

14% 14%

9% 9% 9%

10%9%

0%

5%

10%

15%

0

100

200

300

400

500

600

FY11 FY12 FY13 FY14F FY15F FY16F FY17F


Source: Company, PSR est.

Fig 32: EBITDA and Operating margins

65 70

78 82 92

102 111

57 63

71 73 83

90 92

24%23% 23% 22% 23% 23% 23%

21% 20% 21%20% 21% 20%

19%

0%

10%

20%

30%

0

20

40

60

80

100

120





Page | 18

Fig 33: Growth forecast in earnings

48 53

61 63 71

77 78 14%

10%

15%

4%

13%

9%

2%0%

5%

10%

15%

20%

0

20

40

60

80

100




Fig 34: Earnings, dividends per share forecast

9.1 9.8

11.0 11.3

12.6 13.7 13.9

4.0 4.5 5.0 5.5 6.0 6.0 6.0

44% 46% 45% 49% 48%44% 43%

0%

20%

40%

60%

80%

100%

0.0

5.0

10.0

15.0


EPS, adj. (SG cts) DPS (SG cts)Div payout % (RHS)


Investment Risks Increase in capacity and quality in public healthcare The government is actively expanding the capacity of public healthcare sector with the new Ng Teng Fong General Hospital, Sengkang General Hospital and several community hospitals in the pipeline to ease the bed-crunch faced by public hospitals. Increase in capacity and quality in public healthcare may lead to weaker demand for private healthcare as treatment in public hospitals are subsidised and are generally cheaper, compared to private hospitals. Rising staff costs RMG may face rapidly rising staff costs to retain quality specialists and other healthcare professionals as it relies on differentiation of their services through better quality healthcare and medical treatment. MOH’s support of increasing nurses’ wages in public healthcare institutions by up to 20% over the next 2 years has also impacted on staff costs as RMG would have to increase wages to retain its nurses. However, RMG would be able to pass the costs down to patients as the patients are generally among the more affluent class. Ebola outbreak or similar SARS crisis occurrence A possible outbreak of Ebola or other viruses similar to SARS in 2003 in the region would have an impact on medical tourism. This may lead to decline in revenue from foreign patients, but may also lead to increase in Singaporean patients seeking medical aid. Execution risks or delays in hospital extension and Holland Village projects The two development projects may pose execution risks, which would negatively affect our forecasts and RMG’s cash flows. Significant delays in the expansion developments would also affect RMG’s future earnings. Regulatory risks in Singapore and China Any tightening of regulations by MOH may impact on private healthcare demand or affect RMG’s profitability, which pose risks to our financial forecasts. Regulatory tightening on China’s healthcare industry and recruitment of foreign doctors and other healthcare professionals may impede RMG’s expansion plans in China as well.


Page | 19

Valuation We initiate coverage on RMG with Neutral rating, with a target price of S$3.90. Our target price is derived based on DCF valuation model with 7.7% WACC and 3% terminal growth. While favourable demographics, medical tourism and rising affluence in the region provide good growth prospects for RMG, we deemed that the stock may be fairly valued at present moment, with FY15F PE of ~30x. Positive price catalysts would include concrete plans of RMG’s expansion in China announcements and strong boost to Singapore’s medical tourism.

Fig 35: DCF Valuation (SGD mn) FY14F FY15F FY16F FY17F FY18F FY19F FY20F Terminal

Cash before WC changes 85 95 105 114 126 137 148

WC changes 7 2 3 3 3 3 3

Cash generated from ops 92 96 107 117 130 141 150

taxes paid (11) (12) (13) (13) (14) (16) (17)

Cashflow from ops 81 84 94 104 116 125 133

CAPEX, net (214) (124) (98) (29) (9) (10) (11)

FCFF (133) (40) (4) 75 106 115 122 2,668

Discounted FCFF (39) (3) 64 84 84 1,888

Enterprise Value 2,076

MV Debt 5

Cash 130

Minori ty interest 6

Intrinsic value 2,201

Outstanding shares (mn) 564

Target Price (SGD) 3.90$

terminal growth (%): 3.0

Impl ied PE FY15F 30.9 WACC (%): 7.7

Source: PSR est. Fig 36: Sensitivity Analysis on Target Price

3.90 1% 2% 3% 4% 5%

6.7% 3.44 4.04 4.98 6.59 10.09

7.2% 3.15 3.64 4.37 5.55 7.80

7.7% 2.90 3.31 3.90 4.79 6.35

8.2% 2.69 3.04 3.51 4.21 5.35

8.7% 2.51 2.80 3.19 3.75 4.62

WA

CC

Terminal Growth %

Source: PSR


Page | 20

Appendix Board of Directors Position Person Profile

Executive Chairman Dr Loo Choon Yong Dr Loo Choon Yong is the Executive Chairman of Raffles Medical Group Limited. He co-founded the Group in 1976 and was appointed to his current position in 1997 when the Group was listed in the Singapore Stock Exchange. Dr Loo is also an independent director of CapitaMalls Asia Limited. He is the Chairman of the Asian Medical Foundation Ltd.

Lead independent director Koh Poh Tiong Mr Koh Poh Tiong is currently the Non-Executive Chairman and Senior Advisor of Ezra Holdings Limited. He continues to serve as a Director at The Great Eastern Life Assurance Company Limited, PSA International Pte Ltd and PSA Corporation Limited, SATS Ltd, United Engineers Limited and Petra Foods Limited. Mr Koh is currently the Chairman of National Kidney Foundation and Council Chairman of the Singapore Kindness Movement. In addition, Mr Koh was also the Chairman of the Agri-Food & Veterinary Authority and Director at Wildlife Reserves Singapore Pte Ltd, Jurong Bird Park Pte Ltd and Media Corporation of Singapore Pte Ltd. He joined the Board on 3 October 2011.

Independent director Kee Teck Koon Mr Kee is currently the Non-Executive Chairman of CapitaCommercial Trust Management Limited (the Manager of SGX-ST listed CapitaCommercial Trust). He is also the Non-Executive Chairman of Changi Airports International Pte Ltd, NTUC First Campus Co-Operative Ltd, Alexandra Health Endowment Fund and Lien AID Limited. He also holds directorship positions in Ascendas Pte Ltd, NTUC Enterprise Co-operative Limited and NTUC LearningHub Pte Ltd. He joined the Board on 3 January 2012.

Independent director Dr Wee Beng Geok Dr Wee Beng Geok is Director of the Asian Business Case Centre at the Nanyang Business School, Nanyang Technological University (NTU). She holds a PhD in Management Systems and Sciences from the University of Hull, a Master in Business Administration from Cranfield Institute of Technology, and a Bachelor of Business Administration from the University of Singapore. She joined the Board on 27 November 2000.

Non-executive, non-independent director

Tan Soo Nan Mr Tan Soo Nan is the Chief Executive Officer of Singapore Pools (Private) Limited, a wholly owned subsidiary of Singapore Totalisator Board. He is the Chairman of the Asia-Pacific Lottery Association (APLA) and a member of the Executive Committee of APLA and World Lottery Association. Mr Tan serves on the Board of private and public listed companies including Singapore Mercantile Exchange Pte Ltd and OSIM International Ltd. He also sits on several not for profit committees including holding the post of Vice-President of the Football Association of Singapore. He joined the Board on 28 July 2000.

Independent director Prof Lim Pin Professor Lim Pin is Professor of Medicine at National University of Singapore (NUS) and Senior Consultant Endocrinologist at the National University Hospital. He was the former Vice Chancellor of NUS from 1981 to 2000. He chairs the National Wages Council, Singapore Millennium Foundation, Special Needs Trust Company, Tropical Marine Science Institute Management Board and is Adviser to the Bioethics Advisory Committee. He co-chairs several joint committees with overseas institutes to establish research centres in the Campus for Research Excellence and Technological Enterprise (CREATE).He joined the Board on 19 February 2001.

Independent director Raymond Lim Mr Raymond Lim is Chairman of APS Asset Management and Senior Advisor to the Swire Group. He is also a Director of several companies including Government of Singapore Investment Corporation (GIC), Hong Leong Finance and Insurance Australia Group (IAG). He joined the Board on 25 April 2013.

Source: Company Senior Management Team Position Person

Executive Chairman, RMG Dr Loo Choon Yong

Chief Corporate Officer, RMG General Manager, Raffles Hospital

Dr Prem Kumar Nair

Director (Corp Dev), RMG Lawrence Lim

Group Financial Controller/Company Secretary, RMG Mrs Kimmy Goh

General Manager, Raffles Hospital Dr Kenneth Wu

General Manager, Raffles Medical Clinics Dr Joseph Soon

General Manager, Raffles Health Insurance Danny Yap

Director (IT), Raffles Medical Group Teo Kah Ling

Source: Company


Page | 21

Corporate Milestones Year Milestones

2013 Launch of Raffles Healthcare Institute on 1 July 2013. Provides professional support in meeting the development needs of RMG’s staff and other external working professionals.

2012 RMG’s insurance arm, International Medical Insurers (IMI) officially renamed Raffles Health Insurance (RHI) on 11th October.

Raffles Medical flagship clinic shifted operations from One Raffles Place to Singapore Land Tower; expanded by 25%.

Voted for 2nd consecutive year to be the Preferred Employee Healthcare Consultant in annual HR Vendors of the Year award.

2011 Raffles Hospital recertified with the Joint Commission International accreditation in December.

RMG achieved Group wide ISO 9001:2008 recertification in August.

2010 Raffles Medical opens 1st medical centre in Shanghai.

2009 Raffles Hospital received the Joint Commission International accreditation in January 2009.

2008 One stop medical centre opened in new Singapore Changi Airport Terminal 3

2007 Group announced it will acquire the remaining 50 % of Raffles Hospital building which is owned by CapitaLand-Raffles Properties Pte Lte in June 2007.

Raffles Health made steady inroads into Indonesia and Hong Kong; re-launched in 2007 with new products and a brand new look.

2006 Monetary Authority of Singapore (MAS) approved conversion of IMI's general insurance licence to a life licence on 31 March; allows it to write long-term, guaranteed renewable health insurance products.

Opening of Raffles Chinese Medicine on 1 April to offer services in herbal medicine, acupressure, and acupuncture.

Patient Liasion Office in Ho Chih Minh City in Vietnam set up on 1 February.

Raffles Hospital International (RHI), the international arm of RMG, started in 2006 to add value through consultancy, management and training.

Raffles Hospital achieved double digit growth in 2006 for outpatient attendance; recently expanded the Raffles Aesthetics Centre, Raffles Chinese Medicine and Raffles Japanese Clinic; newly opened clinics include Raffles Eye Centre and Raffles Fertility Centre.

2005 Opening of 6 new Raffles Medical Clinics, maintaining Raffles' position as the largest group of Family Medicine clinics in Singapore.

Raffles Hospital growing fast as an international patients hub, with foreigners making up 35% of its patients, comprising nationals from 100 countries.

2004 RMG set up a Representative Office in Dhaka, Bangladesh in June.

1st living donor renal transplant successfully performed on Mr Um Sun Ho, a Korean businessman, on 13 September.

Beginning of acupuncture service for outpatients in November; extended to inpatients in April 2005.

RMG’s humanitarian arm, renamed Asian Medical Foundation, sent 1st relief mission to Aceh on 26 December to assist in the 2004 Boxing Day Asian tsunami crisis.

International Medical Insurers issued a licence by MAS in November; commenced operations as a general insurance company on 2 January 2005, restricted to accident and health insurance - the first for a healthcare group in Singapore in more than 10 years.

2003 Raffles Japanese Clinic set up on 15 January to serve an exclusively Japanese clientele.

RMG appointed by Civil Aviation Authority of Singapore, Immigration and Checkpoints Authority, and Maritime and Port Authority of Singapore in March to conduct temperature screening at the air, land and sea border checkpoints during SARS crisis.

Raffles Health launched in March to develop and distribute quality personal healthcare products.

Epic separation surgery was carried out in July on Iranian twins Laleh and Ladan Bijani in Raffles Hospital.

The Mins from Korea came to Raffles Hospital to separate their conjoined daughters, after consulting doctors at the Great Ormond Street Children's Hospital in London; twins Ji Hye and Sa Rang were successfully separated in July.

Launch of Health@Work - a health management consultancy service for corporate clients wishing to implement employee health programmes in the workplace.

2002 Raffles Hospital officially opened by then Deputy Prime Minister Mr Lee Hsien Loong on 16 March.

Raffles Medical Group's humanitarian arm - The Medical Foundation - set up to serve the community.

1st open heart surgery successfully performed on longtime patient of the Group, Mdm Lim Eng Neo, in June.

RMG achieves Group wide ISO 9001:2000 certification in October.

RMG's flagship clinic at Caltex House moved to OUB Centre in December.

2001 Raffles Hospital commences operations on 31 March. The first inpatients were seven patients transferred from the SurgiCentre.

1st Raffles baby, Foo Xing Yin, born at 7.20pm, 19 July; delivered by Consultant Obstetrician Dr Joan Thong Pao Wen.

2000 Growing number of Indonesian patients in Raffles SurgiCentre signaled the need to set up a liaison centre in Jakarta; Group's 1st Representative Office opened in March.

RMG appointed to provide medical services to the departments under the Ministry of Home Affairs - the Singapore Police Force, Central Narcotics Bureau and Prisons Department.

RMG listed on the Main Board of the Singapore Stock Exchange on 10 July.

1998 RMG appointed exclusive medical provider for Hong Kong's Chek Lap Kok Airport.

1997 RMG acquired, in January, the medical group - Drs Oram & Partners - which provided a platform for expansion of its Hong Kong practice.

On 11 April, RMG became 1st full-fledged healthcare provider to go public in Singapore when it got listed on SESDAQ, the second board of the Stock Exchange of Singapore.

1996 Group started its managed care programme - RafflesCare - under an exempt insurance licence from MAS.

1995 RMG opened its first overseas clinic in Hong Kong at the Lane Crawford Building on Queen's Road in December.


http://www.rafflesmedicalgroup.com/clinics/clinic-locations/central-business-district/raffles-place.aspx

http://www.rafflesmedicalgroup.com/ImgCont/2286/RH_-_JCI_Reaccreditation_2011.pdf

http://www.rafflesmedicalgroup.com/Contents/Contents.aspx?Id=44

http://www.rafflesmedicalgroup.com/Contents/contents.aspx?id=159

http://www.rafflesmedicalgroup.com/Contents/contents.aspx?contid=269





http://www.rafflesj-clinic.com/

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1994 RMG’s flagship clinic in Straits Trading Building moved to Caltex House.

1993 Raffles SurgiCentre opened on 18 September at No.182 Clemenceau Avenue as the first standalone day surgery centre in Southeast Asia.

1992 Raffles Diagnostica was set up to provide laboratory and radiology services to complement the Group's medical services.

1990 RMG appointed in June to be the exclusive medical provider for Changi International Airport operating clinics in Passenger Terminal 1 and 2 and the Cargo Complex; round the clock, 365 days a year service started to serve the 24 million passengers transiting through the Changi International Airport and airport workers.

Dental services established in the Airport Terminal clinic as a structured entity of the RMG under the business name, Raffles Denticare.

1982 RMG established its flagship clinic in Straits Trading Building to serve the corporate community in the commercial centre in Raffles Place.

1980 Cecil Street clinic relocated to a larger 2000 sq ft unit in Tuan Sing Tower; name of the practice changed to Raffles Medical Group, adopting the name of Dr Loo and Dr Loh's alma mater - Raffles Institution.

1976 Partners Dr Loo Choon Yong and Dr Alfred Loh took over Teng's Clinics at Cecil Street and Maxwell House, and operated the practice under the name Drs Teng & Partners on 1 August.

Source: Company Fig 37: Group Subsidiaries Overview

Source: Company Annual Report, 2013




Page | 23

Fig 38: Raffles Hospital

Source: Company Fig 39: Raffles Clinic Locations

Source: Company


Page | 24

Fig 40: Public Hospitals and Specialty Centres

Source: MOH Holdings


Page | 25

Total Returns Recommendation Rating

> +20% Buy 1

+5% to +20% Accumulate 2

-5% to +5% Neutra l 3

-5% to -20% Reduce 4

<-20% Sel l 5

Ratings History

Remarks

We do not base our recommendations entirely on the above quanti tative

return bands . We cons ider qual i tative factors l ike (but not l imited to) a s tock's

ri sk reward profi le, market sentiment, recent rate of share price appreciation,

presence or absence of s tock price catalysts , and speculative undertones

surrounding the s tock, before making our fina l recommendation

PSR Rating System

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Jan-11

Ap

r-11

Jul-11

Oct-11

Jan-1

2

Ap

r-12

Jul-12

Oct-1

2

Jan-13

Ap

r-13

Jul-13

Oct-13

Jan-14

Ap

r-14

Jul-14

Oct-14

Jan-1

5

Ap

r-15

Jul-15

Oct-15

Source: Bloomberg, PSRMarket PriceTarget Price

12345


Page | 26

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