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Foundation Health
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Joelton
Supreme |
14-Aug-2026 09:50
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Foundation Healthcare&rsquo s 1HFY2026 earnings down 67.6% y-o-y to $1.2 mil Newly-listed Foundation Healthcare Holdings has reported earnings of $1.2 million for the 1HFY2026 ended June 30, 67.6% lower y-o-y. Revenue, however, rose by 20.2% y-o-y to $129.2 million due to organic growth from its existing practices and medical centres, as well as growth from acquired practices. Other income also rose by 42.8% y-o-y to $1.2 million. That said, higher finance expenses, inventories and consumables costs, subcontractor services, employee compensation, acquisition-related costs, the depreciation of property, plant and equipment and other operating expenses led profit before income tax to decline by 14.2% y-o-y to $18.4 million. Inventories and consumables used - which rose by 45.1% y-o-y to $13.5 million - and subcontractor services - which increased by 54.6% y-o-y to $6.6 million - were generally in line with the revenue lift. The higher employee compensation of $59.7 million, 27.5% higher y-o-y was due to the increase in the number of medical specialists as the group expands its operations and acquires new specialist practices. As at June 30, the group has a total of 108 medical specialists with four more in the pipeline, from 105 six months ago. The higher depreciation of property, plant and equipment - which rose by 43.7% y-o-y to $9.1 million - was mainly due to higher depreciation of right-of-use assets in the specialists segment arising from expanded operations and newly acquired specialist practices. Depreciation expense under &ldquo others&rdquo also increased after operations at Foundation Ambulatory Centre Novena commenced in 1HFY2026. Acquisition-related and capital raising expenses surged by 827.2% y-o-y to $5.4 million due mainly to IPO-related expenses in addition to subsidiary acquisitions. Other operating expenses rose by 29.9% y-o-y to $9.9 million due to the increase in credit card, hospital and insurance administrative charges associated with the increased volume of specialist medical services provided by the group. The higher figure was also attributed to higher advertising and marketing expenses and premises operating expenses as the group expanded. Finance expenses were up by 7.3% y-o-y to $9.3 million mainly due to additional loan drawdowns of $69.0 million between 2HFY2025 and 1HFY2026 to finance acquisitions. This was partially offset by loan repayments of $8.1 million during the same period. Adjusted ebitda dipped by 0.5% y-o-y to $39.8 million. Adjusted ebitda margin fell by 6.5 percentage points y-o-y to 30.8%. Profit attributable to non-controlling interests fell by 7.2% y-o-y to $11.5 million. &ldquo We are pleased to report revenue growth of 20% in our debut earnings announcement, demonstrating the scalability and strength of our platform,&rdquo says CEO Liaw Yit Ming. &ldquo During the first half, we invested in capacity to support the next phase of growth by expanding our specialist base, growing our clinic footprint, and launching and renovating medical centres. Our acquisition pipeline is healthy and progressing well, and we remain focused on attracting specialists to join our platform whilst driving incremental patient volumes. We are also advancing our international expansion plans in markets including Malaysia and Hong Kong where we see significant headroom for growth,&rdquo he adds. Shares in Foundation Healthcare closed 1 cent lower or 1.23% down at 80.5 cents on Aug 13. |
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n3wbie
Elite |
11-Jul-2026 13:29
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SMIDs liquidity dried up and many have pulled back substantially. Blue chips apart from banks havent done particularly well too. New IPOs also all underperformed. Need to invest in banks but valuations are not cheap either with DBS trading at almost 3x PB
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Joelton
Supreme |
11-Jul-2026 13:09
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IPO is &lsquo just a start&rsquo , says Foundation Healthcare&rsquo s CEO Liaw Shares of Foundation Healthcare Holdings debuted on the Mainboard of the Singapore Exchange (SGX) at 76.5 cents on July 8, 0.5 cents or 0.66% above its IPO price of 76 cents. By the end of the day, the SeaTown-backed integrated healthcare platform closed at 70 cents, down 6 cents, or 8.5%, from its opening price. Some 34.5 million shares changed hands. UBS, one of the IPO managers, bought around 10.9 million shares between 70 cents and 76 cents as part of its stabilisation arrangement. Foundation Healthcare, whose IPO was around 3.8 times subscribed, priced its offering at the bottom of the 76-cent to 92-cent range, per a term sheet seen by Reuters. The company, on July 1, said it was seeking to raise $242 million, including gross proceeds from the offering and sale of shares to cornerstone investors. This makes it the largest healthcare services IPO since IHH Healthcare in 2012 and the largest non-REIT IPO in 2026. The eventual figure, says CEO and executive director Liaw Yit Ming, was based on investor demand and pricing. The decision also came after JustCo&rsquo s dismal debut on May 22. To him, the IPO is &ldquo just a start&rdquo . &ldquo I don&rsquo t think anyone should be maximising valuation. I think it is more critical that post-IPO, it trades well and that all investors, when they do come in&hellip enjoy the upside,&rdquo he tells The Edge Singapore. &ldquo A lot of times, when you maximise the valuation&hellip people start profit-taking.&rdquo He adds that with everyone now &ldquo trying to play their part&rdquo in revitalising the SGX, this is one area where Foundation Healthcare can help, especially since this year&rsquo s IPOs have not performed well. &ldquo Because if there&rsquo s another failed IPO, it&rsquo s going to be very, very painful,&rdquo he says. That said, Liaw is feeling &ldquo confident&rdquo about the company&rsquo s performance given its price. &ldquo I think we have intentionally decided not to maximise pricing and leave quite a lot of money on the table,&rdquo he adds. Investors may also rest easy knowing that Liaw and Dr Lee Hong Huei, the company&rsquo s executive director and chief operating officer, have agreed to a voluntary moratorium for 12-plus-six months despite being permitted to sell their shares post-listing. &ldquo We also want to give confidence to investors that we are in this for the long haul.&rdquo A mission with room for growth Foundation Healthcare, established in 2023, began with a mission to make private healthcare sustainable, especially in terms of cost, says Liaw. &ldquo Medical inflation is increasing &mdash double digits &mdash every single year. So we decided, why don&rsquo t we, as healthcare professionals, after having spent decades in this business, come together to do something about it?&rdquo The team adheres to the fee schedule set by its insurer partners, which provides &ldquo comfort and certainty&rdquo . Facility fees, incurred mostly at day surgical centres, are 15% to 48.3% lower than in hospital inpatient settings in 2023, according to Frost & Sullivan figures cited in the prospectus. The company has three verticals: specialists, medical centres and its proprietary tech platform, AVA, which helps digitise paperwork such as medical claims. As at March 31, the company has 108 specialists, out of the 2,400 specialists in the sector. The company also has two of the nine medical centres currently in Singapore. The market can potentially support 40 centres by 2030, says Liaw at a media briefing. He adds that the company will have a &ldquo very good percentage&rdquo of those 40 centres. &ldquo We&rsquo re quite different from the other existing day surgical centres. Some of the existing day surgical centres that you see today. They&rsquo re mainly built by a small handful of doctors, who typically build them to meet their own requirements. They&rsquo re not like a general operating theatre that can do multiple different types of cases,&rdquo he says, adding that the company&rsquo s team of specialists span 16 medical areas, in which these centres have to support the different types of procedures it has. Furthermore, there have been no new private hospitals in Singapore over the last 10 years, due to zoning requirements and costs. For instance, when Mount Elizabeth Novena was constructed in 2012, the land and construction cost over $1.5 billion. In comparison, the new centre the company built in February cost just under $8 million. Foundation Healthcare is looking to expand into Hong Kong and Malaysia, both of which have healthcare systems &ldquo very similar&rdquo to Singapore&rsquo s and face double-digit medical inflation. The same insurers &mdash Prudential, AIA and Great Eastern Holdings &mdash operate across all three markets and are familiar with the company&rsquo s work, says Liaw. Dividend policy Foundation Healthcare, which won&rsquo t be distributing dividends &mdash rare for a new company, given that most companies have a policy of distributing 30% of their earnings &mdash says the decision is due to acquisitions and expansion plans, per its prospectus. In FY2025, the company recorded a free cash flow conversion of 76.5%. Its FY2024 cash flow conversion is around 90% as it had not yet invested in the two medical centres it acquired in 2025. Liaw says the company&rsquo s asset-light structure gives it strong cash flow and the ability to fund dividends regardless as at the end of 2025, its cash balance stood at over $70 million. &ldquo At the end of the day, it boils down to returns whether it&rsquo s dividends or share price appreciation,&rdquo says Liaw. |
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Joelton
Supreme |
09-Jul-2026 10:06
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Foundation Healthcare ends trading debut at 70 cents nearly 11 mil shares bought under stabilisation arrangement UBS, one of the managers for Foundation Healthcare Holdings' IPO, has bought 10,905,700 shares at between 70 and 76 cents each as part of its stabilisation arrangement. As indicated earlier, up to 24,276,300 shares have been allocated for this purpose. This means some 45% of the stabilisation shares have been bought. Foundation Healthcare' s IPO, which raised $242 million, was priced at 76 cents, at the lower end of the book building range of up to 92 cents. The IPO was 3.8 times subscribed. While the share price held up pretty well earlier in the trading debut day, reaching as high as 77 cents at one point, it began to drop steadily to end the day at 70 cents. In a statement sent just after trading commenced, Dickson Loo, SeaTown, the main investor, calls the listing " only the beginning of the Foundation Healthcare story." " We believe the company is well positioned to continue investing in its network, technology and growth opportunities, while advancing better healthcare outcomes for patients in Singapore and across the region," says Loo, managing director, private equity at the Temasek-owned asset manager. Besides letting pre-IPO money cash out part of their investments, the listing has raised more than $100 million for Foundation Healthcare to fund further growth. " We remain committed to expanding our network of specialists and medical centres, enhancing care coordination and accessibility for patients, and extending our integrated model into new geographies, including Hong Kong and Malaysia," says Liaw Yit Ming, executive director and CEO of the company. This IPO is the largest non-REIT listing this year and is also the largest listing of a healthcare company since 2012, when IHH Healthcare made its debut. Pol de Win, SGX' s head of global sales and origination, says the listing of this company demonstrates that SGX is the " trusted venue of choice for innovative, next-generation business models embarking on their next chapter of growth." " We are proud to support companies that are reshaping their industries, enhancing customer experiences, and scaling their impact across the region," he adds. |
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nott1965
Veteran |
09-Jul-2026 09:22
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EQPD for funds to buy more bank shares. Only bank shares went up like before. The rest all down like before. Yhat is how smart our highy paid minister is when they said wanting to boost stibusing tax payers money | ||||
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Godwinlow
Elite |
08-Jul-2026 23:51
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Maybe MAS will up its EQDP fund. 6.5 billion not enough to boost. Top up 5 billion more!
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n3wbie
Elite |
08-Jul-2026 23:32
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Wondering whats wrong with the stock, or is it our market...? All the mainboard IPOs all went underwater, JustCo, Ultragreen, Coliwoo and now Foundation. Even the REITs like UIB and NTT...
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InvestNotTrade
Senior |
08-Jul-2026 17:10
Yells: "seekingprivatereturns.blog" |
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Horrible first day. Guess I won?t be balloting ipo for a while now | ||||
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rlong8288
Master |
08-Jul-2026 10:40
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Start to going below water, let see what how low can it goes
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n3wbie
Elite |
08-Jul-2026 10:24
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Staying above water! At least dint gap down like some of the recent mainboard listings, hope it can maintain | ||||
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guiren
Veteran |
08-Jul-2026 09:35
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IPO ,, toh liao ,, | ||||
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