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Building Up The Regional Footprint
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wehuattogether88
Supreme |
19-Oct-2022 10:17
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Buy buy buy, buy DYODD | ||
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Heerbrugg
Veteran |
19-Oct-2022 10:16
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Buy in at 0.05x | ||
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Slowturtle
Senior |
19-Oct-2022 09:49
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Surprised this counter up so much, in conjunction with Biolitics. Maybe because of rise in XBB cases. |
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Heerbrugg
Veteran |
19-Oct-2022 09:35
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Medical related company in play | ||
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Joelton
Supreme |
10-Oct-2022 09:06
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Clearbridge Health Sells Indonesia Healthcare Businesses for S$11 million
The Purchaser, Lunadorii Inc., was incorporated on 29 May 2019 in the Territory of the British Virgin Islands. The Purchaser and its subsidiaries, which are incorporated in Indonesia, are distributors of fast-moving consumer goods and, in particular, focuses on the distribution of healthcare products to drugstores and convenience stores across Indonesia, via their logistics partners.
The Board is of the view that the Disposal is in the interests of CBH as it allows the CBH Group to realise its investments in TMJ and IGM Labs and recognise a gain on Disposal of an aggregate of approximately S$1.98 million.
Its subsidiary, PT Tirta Medika Jaya (&ldquo TMJ&rdquo ), operates 23 renal dialysis facilities jointly with public and private hospitals in Indonesia. PT Indo Genesis Medika (&ldquo IGM Labs&rdquo ), operates 24 clinical laboratories and other patient care facilities jointly with hospitals in Indonesia.
The S$11 million consideration was satisfied by the issue of the Bonds by the Purchaser.
The Bonds also provide the CBH Group with flexibility by way of the Conversion and Exchange Right of the Bonds on how it can elect to treat the Purchaser, TMJ and IGM Labs (together with CBMA and SAM Labs) in the future depending on the growth and performance of these entities.
On the Maturity Date, if any part of the Bonds remains outstanding, they will be mandatorily converted into Conversion Shares. Notwithstanding this, following a period of 12 months after the issuance of the Bonds, the holder of the Bonds has the option, to (a) convert the Bonds into Conversion Shares of the Purchaser by way of the Conversion, or (b) exchange the Bonds into Exchange Shares of any of (i) CBMA or SAM Labs as the case may be, (ii) CBMA&rsquo s or SAM Labs&rsquo Subsidiary as the case may be, or (iii) such New Entity that may have been transferred the assets of such Subsidiary, as the case may be, at its sole and absolute discretion by way of the exercise of the Exchange Right.
As such, the CBH Group is afforded the opportunity to still potentially participate in any increase in the equity value in any of the aforesaid entities or the Purchaser in the future if any or all of these entities perform well, while limiting its risks to any potential unfavourable performance by remaining as a holder of the Bonds and creditor of the Purchaser. On a Liquidity Event, the holder of the Bonds also has the option of requiring redemption of the Bonds in cash.
In addition to the above, TMJ has also been engaged in legal proceedings in Indonesia which has taken up the time and resources of the management team and the CBH Group. Please refer to the announcements made by CBH dated 10 June 2020, 16 June 2020, 9 March 2020 and 22 August 2022, as well as the announcements dated 31 May 2020, 23 August 2020, 8 June 2021, 6 August 2021, 4 August 2022 and 16 August 2022 for details of such legal proceedings.
The Disposal would, hence, allow the management team to focus their efforts on the remaining businesses and operations of the CBH Group with better return profiles whilst at the same time limit the resources that the CBH Group would otherwise have to continue to expend in relation to such legal proceedings.
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WBdisciple
Elite |
07-Oct-2022 07:09
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Time for this laggard to awake? Lim of Doctor Anywhere makes 18.8 cents per share offer for Asian Healthcare Specialists Lim Wai Mun, founder, CEO and chairman of Doctor Anywhere, is offering to takeover Asian Healthcare Specialists at 18.8 cents per share. Lim has already secured irrevocable undertakings of some 79.54% of the total share base. The offer price represents a premium of 18.3% over the one-month volume weighted average price of the shares. &ldquo The offer represents an attractive cash exit opportunity for the Shareholders to liquidate and realise their entire investment at a premium to the prevailing market prices, without incurring brokerage and other trading costs,&rdquo the offeror states. |
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shk363
Elite |
15-Aug-2022 08:46
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ART kits buisness looks promising | ||
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Joelton
Supreme |
15-Aug-2022 08:40
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Clearbridge&rsquo s Revenue Rises 23.5% to S$20.03 Million, Adjusted EBITDA Surged Nearly 7-Fold to S$2.78 Million in 1H2022
&bull The Group&rsquo s medical centres and clinics business unit has been a key growth driver in 1H2022, with revenue surging 81.3% to S$9.10 million mainly due to the distribution of Labnovation&rsquo s COVID-19 ART Test Kits in Hong Kong and the Philippines as well as improved business performance of the medical clinics in Singapore and Hong Kong
&bull Excluding the revenue from distribution of Labnovation&rsquo s COVID-19 ART Test Kits in 1H2022, the revenue from the medical centres and clinics business unit increased by 15.7%, from S$5.02 million in 1H2021 to S$5.81 million in 1H2022
&bull On an adjusted EBITDA basis, the Group registered S$2.78 million in 1H2022, an increase of 578.1% from S$0.41 million in 1H2021
&bull Focus on the organic growth of its core healthcare businesses with the continual expansion of its healthcare distribution network in Asia to deepen market access
Commenting on the 1H2022 results, Mr Jeremy Yee (余 斌 ), Executive Director and Chief Executive Officer of Clearbridge, said, &ldquo The disciplined execution of our EBITDA strategy was reflected in our first half performance with adjusted EBITDA in 1H2022 representing a 7-fold of adjusted EBITDA in 1H2021, coupled with double-digit revenue growth.
The fundamentals of our core healthcare businesses in Asia remain strong and we aim to drive growth organically and create new value propositions with our healthcare assets.
Building on this positive momentum to expand our healthcare presence in Asia, we will also continue to proactively evaluate new opportunities to enhance the long term growth of the Group.&rdquo
Key Highlights of Financial Performance in 1H2022
Overall revenue increased by 23.5% to S$20.03 million in 1H2022 with strong performance by its medical centres and clinics business unit: The Group&rsquo s medical centres and clinics business unit registered revenue of S$9.10 million, a growth of 81.3%, mainly due to the distribution of Labnovation Technologies, Inc.&rsquo s (&ldquo Labnovation&rdquo ) COVID-19 Antigen Rapid (&ldquo ART&rdquo ) Test Kit in Hong Kong and the Philippines as well as improved business performance of the medical clinics in Singapore and Hong Kong.
Since the COVID-19 pandemic unfolded, the management team has responded with business agility, utilising its business networks and medical touchpoints in Asia to procure and distribute COVID-19 related medical supplies to do its part towards the fight against COVID- 19. Such opportunistic trading opportunities have led us to strengthen our in-house capabilities in scaling up our product portfolio and medical distribution network.
In Asia, the Group&rsquo s medical centres and clinics business unit comprises ten dental clinics operating under the &ldquo Dental Focus&rdquo brand name and a medical clinic in Singapore, Medic Surgical Pte Ltd (&ldquo Medic Surgical&rdquo ), a medical clinic in Hong Kong as well as a medical centre and clinics in the Philippines.
Excluding the revenue from distribution of Labnovation&rsquo s COVID-19 ART Test Kits in 1H2022, the revenue from the medical centres and clinics business unit increased by 15.7%, from S$5.02 million in 1H2021 to S$5.81 million in 1H2022.
For the Group&rsquo s healthcare systems, comprising the provision of laboratory services and renal care services, revenue in 1H2022 remained relatively stable at S$10.93 million, as compared to revenue of S$11.20 million registered in 1H2021.
With a Public-Private-Partnership Model, the Group currently manages a total of 47 hospital joint operation contracts in Indonesia serving close to 4 million patients per year, primarily in the area of renal care (through PT Tirta Medika Jaya (&ldquo TMJ&rdquo ) which was acquired in April 2018) and pathology (through PT Indo Genesis Medika (&ldquo IGM Labs&rdquo ) which was acquired in May
2019) at public and private hospitals (ranging from Class A hospitals to Class C hospitals) in Indonesia. The renal care services and laboratory testing services offered by TMJ and IGM Labs respectively are reimbursed through the Indonesia government&rsquo s health coverage program.
In addition, IGM labs has been expanding its distribution business to harness new opportunities in the underserved diagnostic market within Indonesia.
Corresponding to the growth in revenue in 1H2022, the Group&rsquo s purchases increased by 11.5% or S$1.17 million, from S$10.20 million in 1H 2021 to S$11.37 million in 1H 2022. The Group&rsquo s employee benefits expense decreased by 13.2% or S$0.59 million, from S$4.49 million in 1H2021 to S$3.90 million in 1H2022 mainly due to a decrease in bonus and share-based payment pursuant to the performance bonus scheme based on prior period performance in 1H2021.
The Group&rsquo s other income decreased by 92.8% or S$2.39 million, from S$2.57 million in 1H2021 to S$0.18 million in 1H2022, mainly due to the absence of the gain on disposal of the CBBP group of S$2.01 million recorded in 1H2021 and a decrease in grant income of S$0.24 million from government grants relating to the Jobs Support Scheme, Enterprise Singapore Grant and other grants from government agencies.
The Group incurred non-recurring other operating expenses of S$0.49 million in 1H2022 (1H2021: S$0.55 million), which were mainly due to allowance of impairment of trade and
other receivables, bad debt written off, impairment of property, plant and equipment and inventories written off and one-off legal and professional fees incurred pursuant to litigation in Indonesia.
The Group&rsquo s finance costs decreased by 46.1% or S$0.45 million, from S$0.97 million in 1H2021 to S$0.52 million in 1H2022 mainly due to a decrease in interest expense incurred on the bank loans taken up by the Group for its acquisitions and working capital purpose as some of the bank loans were fully repaid in 1H2022 and decrease in interest charged on the Convertible Bonds issued by the Company due to partial redemption of Convertible Bonds in October 2021.
Adjusted EBITDA surged nearly 7-fold to S$2.78 million in 1H2022: In 1H2022, the decline in the share price and market value of the Group&rsquo s associate, Biolidics Limited, resulted in a fair value loss of S$7.10 million. In addition, the Group recorded a fair value loss on derivative financial instruments of S$0.05 million in 1H2022.
Fair value changes are non-cash components and it does not affect the Group&rsquo s liquidity position.
Excluding the abovementioned non-recurring expenses, fair value losses on an associate and derivative financial instruments, the loss before taxation recorded by the Group would have been S$0.03 million in 1H 2022 as compared to a loss before taxation of S$3.71 million in 1H2021.
With an EBITDA-focused business strategy, the Group has been adjusted EBITDA positive since 1H2020 and for 1H2022, the Group&rsquo s adjusted EBITDA increased substantially to S$2.78 million (1H2021: S$0.41 million).
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easywin
Supreme |
23-Jul-2020 10:47
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Believe should be charging up soon
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Sgvale
Supreme |
23-Jul-2020 10:07
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Overdue . Still below 0.20 | ||
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Joelton
Supreme |
10-Mar-2020 10:55
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PhilipCapital :: Clearbridge Health LimitedBuilding up the regional footprint
Maintain BUY with an unchanged target price of S$0.26. Growth in FY20e will be
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