- Profits fell for Thomson Medical Group owing to the completion of COVID-19-related projects in Singapore and higher overall costs due to the newly acquired hospital.
- We expect the Special Economic Zone development between Singapore and Malaysia, and the Rapid Transit System to benefit the Group’s freehold land in Johor Bahru.
- Thomson Medical SGD issuances continue to show attractive yields at over 4%.
Thomson Medical Group
Financial Highlights
Chart 1: Revenue contribution by country for Thomson Medical

Thomson Medical’s outlook
Credit Highlights
Table 1: Thomson Medical credit and debt metrics
|
SGD m |
As of Jun-22 |
As of Jun-23 |
As of Jun-24 |
|
Total debt |
629.1 |
747.9 |
1,106.2 |
|
Cash |
161.6 |
286.6 |
167.3 |
|
Net debt |
467.5 |
461.2 |
947.5 |
|
EBITDA |
109.7 |
103.3 |
113.5 |
|
Net gearing ratio (net-debt-to-equity) |
0.8x |
0.8x |
1.6x |
|
Net-debt-to-EBITDA ratio |
4.3x |
4.5x |
9.2x |
|
Sources: Thomson Medical Group FY23 results presentation. |
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Recommendations
Table 2: Thomson Medical issuances
|
Issuances |
Ask Price |
Yield to Maturity |
Years to Maturity |
|
100.06 |
3.82% |
0.30 |
|
|
102.55 |
4.20% |
2.59 |
|
|
104.05 |
4.28% |
3.64 |
|
|
Sources: Bloomberg Finance L.P., Bondsupermart, iFAST Compilations. Data as of 9 October 2024. |
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Among the SGD bond space, the 2027 and 2028 Thomson Medical papers continue to trade relatively attractively with over 4% yields. Meanwhile, as the TMGSP 4.050% paper matures in about 4 months, the Singapore T-bills would be a better consideration for investors looking at such short duration.
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