Financial Information
FY2021 Singmedical report, my biggest lost at this moment. Holding for 5 years and keep seeing the company grow but price is not grow yet. Let's look at the performance.
Income Statement
FY2021 revenue increased 13mil or 15.5percent compare to FY2020. But this is not a fair comparison as we know that FY2020 was hit hard by pandemic. Let's compare it with pre-covid moment.
FY2021 - 100 mil , GP - 44mil , EPS - 3.23 , GPM - 44%
FY2020 - 87mil , GP - 38mil , EPS - 1.81 , GPM - 44%
FY2019 - 95mil , GP - 43mil , EPS - 2.83 , GPM - 45%
From the comparison, we can see that the business is back to pre-covid year.
Balance Sheet
I can't emphasis enough on the importance of the balance sheet, especially on the goodwill and intangible assets, goodwill should not more than 30 percent of total assets . Besides these 2 items, we also need to look at account receivable, it should not more than 30 percent of revenue as well.
From the report, we can see that loan and borrowings were reduced which is a good sign and also the cash and bank balances were increased.
Cash flow
CFFO increased 4mil and management keep acquire businesses into the group. Overall, company generate positive FCF.
Segmentation:
Revenue is about 100mil and 62 mil from health segment and 39 mil from diagnostic and aesthetics.
Summary
No doubt the revenue is keep increasing YoY and company able to increase the EPS. CEO mentioned that aesthetic business is overwhelmed and wanted to expand locally in women's and children's business also aesthetic business. Dr.Beng keeps emphasize on medical tourism which previously contributed 15-20percent of the company revenue. With opening border, will medical tourism back to normal? Aesthetic business will still overwhelm or customer will go over Malaysia to do the facial treatment? Nonetheless, this result I would say is acceptable.
Dr.Beng has mentioned that they focus will be at suburban expansion .
Simple calculation:
Outstanding shares: 486,382,109
EPS: 3.22
P/E = 9.47
ROE: Net profit / Total equity = 15,716 / 166,538 = 9.4%
CAGR Rev - 5 years (2017 - 2021) - 8%
CAGR EPS - 5 Years (2017 - 2021) = 9%
