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Singapore and Malaysia private healthcare group focused on maternity, fertility and women's health services.
Singapore and Malaysia private healthcare group focused on maternity, fertility and women's health services.
Is paid by patients and their insurers for deliveries, fertility cycles and women's health consultations, so maternity and fertility treatment carry volume and pricing. Its business is spread between Singapore and Malaysia, where it runs hospital and clinic operations.
In one line: A Singapore/Malaysia private healthcare group focused on maternity and women's health.
Moat: narrow (brand, installed base). Established leading maternity hospital brand in Singapore with a fertility specialty draw.
Headquarters: Singapore · Founded: 1979 · Employees: 3,491
Size Thomson Medical (A50.SI) is a Singapore Health Care company (Hospital/Nursing Management) with a market value of $953M, the 70th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.05 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against +0.8% for the median peer and -1.2% for the Singapore market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +14.9%); the operating margin is 9.9% (peer median 10.4%).
Valuation It trades at 5.5× enterprise value to sales against a peer median of 3.2× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | S$420M | S$420M | S$395M | S$351M | S$356M |
| Revenue growth | — | +6% | +12% | -1% | — |
| Gross profit | S$128M | S$128M | S$121M | S$125M | S$157M |
| EBITDA | S$82.6M | S$82.3M | S$102M | S$88.5M | S$103M |
| Net income | -S$29.7M | -S$29.7M | -S$47.6M | S$14.2M | S$36.6M |
| Free cash flow | S$6.86M | S$6.86M | -S$23.1M | S$6.76M | S$46.3M |
| Capital expenditure | S$20.0M | S$20.0M | S$26.7M | S$30.4M | S$12.8M |
| Total debt | n/a | S$1.13B | S$1.12B | S$1.12B | S$763M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Thomson Medical A50.SI | $953M | -21% | +6% | 10% | 5.5× | 20.9% |
| Raffles Medical BSL.SI | $1.25B | -15% | -3% | 11% | 1.8× | -2.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | A50.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.1% | -0.6% | 5th lowest of 20 |
| 6-month return | -20.7% | +0.8% | 2nd lowest of 20 |
| Distance from 52-week high | -31.3% | -17.1% | 2nd lowest of 20 |
| Revenue growth (TTM) | +6.4% | +14.9% | 8th lowest of 21 |
| Operating margin | 9.9% | 10.4% | 9th lowest of 20 |
| EV / Sales | 5.5× | 3.2× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.9% | 13.6% | 5th most demanding of 15 |
| Growth delivered (Del g) | +11.8% | +10.8% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | +9.1 pp | +1.5 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -2.9 pp | -2.1 pp | 8th lowest of 20 |
| EV / EBITDA | 28.1× | 14.3× | 3rd most expensive of 17 |
| Net debt / EBITDA | 12.3× | 2.2× | 2nd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | 5.5× | 20.9% | +11.8% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 3.4× | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 2.5× | 0.7% | +19.7% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 6.0× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 6.8× | n/a | n/a |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | 5.6× | n/a | n/a |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 0.6× | n/a | n/a |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | 0.9× | 6.3% | +6.0% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 8.1× | 30.5% | +10.2% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 1.7× | 13.7% | +6.9% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 1.8× | -2.4% | +6.1% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | 4.0× | 16.3% | +18.1% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 6.9× | 30.2% | +21.2% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 1.4× | 9.8% | +11.4% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 5.4× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 1.8× | 26.6% | +10.2% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | 3.2× | 13.6% | +20.6% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 3.2× | 19.6% | +8.6% |
| Garofalo Health Care GHC.MI | Italy | $540M | +1% | +4% | 10% | 1.5× | 1.8% | +18.3% |
| Artemis Medicare Services ARTEMISMED.NS | India | $514M | +16% | +15% | 14% | 4.4× | 45.8% | +21.5% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 1.6× | 11.2% | +8.5% |