Thomson Medical Group Ltd. (A50) AI Stock Analysis

• Market Cap: S$1.53B
• Dividend Yield: N/A
• Average Volume (3M): 4.21M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: 12.39%
• EPS Growth: -400.00%
• Country: SG
• Employees: 699
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): >-0.01
• Shares Outstanding: 26,441,066,000
• 10 Day Avg. Volume: 2,756,300
• 30 Day Avg. Volume: 4,210,213
• PEG Ratio: 0.05
• Price to Book (P/B): 2.41
• Price to Sales (P/S): 2.88
• P/FCF Ratio: 33.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$0.08
• Price Target Upside: 25.59% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): S$548.98M

• Rating: 43 Neutral
• Price Target: S$0.06 ▼(-6.67% Downside)

Thomson Medical Group Ltd. is facing significant financial challenges, with declining revenue and profitability, high leverage, and weak cash flow performance. The technical analysis shows a stable trend but lacks strong bullish signals. The valuation is unattractive due to a negative P/E ratio and no dividend yield. These factors contribute to a low overall stock score, indicating potential risks for investors.

Positive Factors

Revenue Growth in Vietnam

The revenue growth in Vietnam indicates strong demand for private healthcare and enhances Thomson Medical's market position in the region.

Johor Bay Mega Project

This project is expected to boost long-term growth by expanding healthcare facilities and leveraging Johor's strategic location and economic potential.

Islamic Credit Facility

The facility provides financial flexibility for growth initiatives and debt management, supporting long-term operational stability.

Negative Factors

High Leverage

High leverage can strain financial resources, limit strategic options, and increase vulnerability to economic downturns.

Negative Profit Margins

Negative profit margins highlight operational inefficiencies and could hinder reinvestment and growth efforts.

Declining Cash Flow

Weak cash flow limits the company's ability to fund operations, invest in growth, and manage debt effectively.

Thomson Medical Group Ltd. Business Overview & Revenue Model

Company Description

Thomson Medical Group Ltd. (A50) is a leading healthcare provider in Singapore, specializing in a wide range of medical services including obstetrics, gynecology, pediatrics, and general healthcare. The company operates a network of hospitals and clinics, focusing on delivering high-quality medical care through advanced technology and a patient-centric approach. Thomson Medical Group also offers fertility services, health screenings, and a variety of wellness programs, making it a comprehensive healthcare provider in the region.

How the Company Makes Money

Thomson Medical Group generates revenue primarily through patient services, which include inpatient and outpatient care, consultations, and surgeries across its facilities. The company earns significant income from its maternity services, fertility treatments, and specialized healthcare offerings. Additionally, revenue is bolstered by health screening packages and wellness programs. The group has established partnerships with various health insurance companies, enabling a steady flow of patients covered under insurance plans. Furthermore, Thomson Medical Group may also benefit from government healthcare initiatives and grants aimed at enhancing healthcare delivery in Singapore.

Thomson Medical Group Ltd. Financial Statement Overview

Summary

Thomson Medical Group Ltd. faces significant financial challenges, with declining revenue growth, negative profitability margins, and high leverage. The company's cash flow position is weak, with substantial declines in free cash flow growth. While the gross profit margin remains strong, the overall financial health of the company is concerning, requiring strategic improvements to enhance profitability and reduce financial risk.

Income Statement

Thomson Medical Group Ltd. has experienced a decline in revenue growth, with a negative growth rate of -9.17% in the latest year. The gross profit margin remains strong at 74.83%, but the net profit margin has turned negative at -12.05%, indicating profitability challenges. The EBIT and EBITDA margins have also decreased significantly, reflecting operational inefficiencies.

Balance Sheet

The company's debt-to-equity ratio has increased to 2.38, indicating high leverage and potential financial risk. Return on equity is negative at -10.10%, highlighting challenges in generating returns for shareholders. The equity ratio stands at 26.38%, suggesting a moderate level of equity financing.

Cash Flow

Free cash flow growth has significantly declined by -636.22%, and the operating cash flow to net income ratio is low at 0.22, indicating cash flow challenges. The free cash flow to net income ratio is 0.56, showing some ability to convert net income into cash flow, but overall cash flow performance is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	455.53M	394.66M	351.15M	355.77M	333.71M	240.40M
Gross Profit	220.71M	295.33M	275.39M	296.39M	278.38M	116.02M
EBITDA	41.73M	57.72M	109.08M	106.78M	110.72M	59.54M
Net Income	-47.58M	-47.58M	14.16M	36.55M	53.76M	14.24M
Balance Sheet
Total Assets	1.78B	1.78B	1.81B	1.45B	1.36B	1.29B
Cash, Cash Equivalents and Short-Term Investments	124.21M	124.21M	167.28M	286.59M	161.59M	114.51M
Total Debt	1.12B	1.12B	1.12B	762.79M	642.86M	631.08M
Total Liabilities	1.24B	1.24B	1.23B	872.34M	756.60M	719.74M
Stockholders Equity	470.89M	470.89M	499.72M	499.44M	531.68M	489.84M
Cash Flow
Free Cash Flow	37.86M	33.79M	52.99M	75.81M	64.68M	23.96M
Operating Cash Flow	60.45M	60.45M	83.35M	88.59M	92.80M	61.25M
Investing Cash Flow	-27.16M	-27.16M	-489.99M	-13.39M	-29.44M	-37.57M
Financing Cash Flow	-71.19M	-71.19M	281.32M	54.22M	-23.48M	-58.82M

Thomson Medical Group Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A50, the sentiment is Positive. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.06, and above the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 50.90 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:A50.

Thomson Medical Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
A50	43 Neutral	S$1.53B	―	-9.99%	―	12.39%	-400.00%

Thomson Medical Group Ltd. Corporate Events

Thomson Medical Group Reports Revenue Growth in Vietnam Amid Economic Challenges

Thomson Medical Group Limited announced a significant increase in revenue for its Vietnamese operations, Far East Medical Vietnam Limited, from $50 million in FY2024 to $98 million in FY2025. Despite this growth, net profit slightly decreased due to higher operating costs and macroeconomic factors, including tariffs in Vietnam. The company recorded an impairment loss on goodwill of $75 million for the acquisition of FEMVN, reflecting challenges in the economic environment. The announcement highlights the demand for private healthcare in Vietnam and the strong reputation of FV Hospital, although the financial performance did not fully meet expectations.

Thomson Medical Group Adopts Market Capitalisation for Materiality Thresholds

Thomson Medical Group Ltd. has announced a change in its method for calculating materiality thresholds due to its negative net tangible asset position as of June 2025. The company will now use market capitalisation as a reference point, which has been approved by the Singapore Exchange Securities Trading Limited, to better reflect the business’s scale and valuation for the financial year ending June 2026.

Thomson Medical Group Unveils Johor Bay Mega Project

Thomson Medical Group has announced the launch of the Johor Bay Mega Project, a 26-acre development with a projected gross development value of over MYR18 billion. This integrated project will feature a mix of healthcare facilities, luxury residences, hospitality, and commercial lifestyle elements, aiming to capitalize on Johor’s strategic location and economic potential. The development is expected to significantly impact the region’s skyline and economy, leveraging the area’s high living standards and the upcoming completion of key infrastructure projects like the RTS.

Thomson Medical Secures S$225 Million Islamic Credit Facility

Thomson Medical Group Limited has secured a S$225 million Islamic revolving credit facility with the option to convert it into a sustainability-linked facility. This marks the company’s first Islamic-linked loan, and the funds will be used to repay existing debts and support the group’s working capital, capital expenditure, business acquisitions, and other corporate purposes. The agreement includes provisions for maintaining its listing on the Singapore Exchange and conditions for early settlement if control over certain subsidiaries changes.