Singapore Paincare Holdings - UOB Kay Hian 2020-07-15: IPO Factsheet


Singapore Paincare Holdings - IPO Factsheet

Singapore Paincare Holdings (SGX:FRQ) - IPO Statistics

  • Offer Size: 24.246m new shares.
  • Public Tranche: Nil.
  • Placement Tranche: 24.246m shares.
  • Price: S$0.22.
  • NAV per share (post IPO): S$0.0986.
  • Historical PE: 14.01x (FY19).
  • Market Cap (post-IPO): S$35.56m.
  • Open: 13 Jul 20.
  • Lead Manager: Novus Corporate Finance.

Singapore Paincare Holdings - Company Background

  • Singapore Paincare (SGX:FRQ) is a medical services group engaged in:
    1. pain care services, and
    2. primary care and other services.
  • For pain care services, the company focuses on the treatment of patients suffering from chronic pain and includes services such as minimally invasive procedures, cancer pain treatment, specialised injections, pharmacotherapy and cognitive behavioural therapy.
  • For primary care and other services, the company provides general medical consultations, management of chronic and acute conditions, and dermatology services.
  • In all, Singapore Paincare Holdings operates two specialist clinics and four medical clinics through its subsidiaries, and one additional medical clinic and two health screening facilities through its associates.

Singapore Paincare Holdings - Business Strategy & Future Plans

  • Expand range of pain care services to become a one-stop centre for pain care treatment. Provide a wider spectrum of pain treatments such as acupuncture, as well as rehabilitation, exercise and training programmes.
  • Expand business operations locally and regionally, either organically or inorganically through franchising, JVs, acquisitions or strategic alliances.
  • Grow patient base for pain care services to include more corporate clients.

Singapore Paincare Holdings - Competitive Strengths

  • Team of qualified, experienced and committed medical practitioners. Executive directors, Dr Bernard Lee and Dr Jeffrey Loh, collectively have more than 35 years of experience in the medical industry while medical practitioners have between 12 and 28 years of experience in the medical industry as well.
  • Focused on providing alternative non-surgical treatment solutions for chronic pain patients, thereby bridging the gap between using open surgery which may entail higher risks and longer recovery periods, and conservative physical therapies which may not be as immediately effective, to treat pain.
  • Regular training, stringent management and clinical standards to uphold patient care and satisfaction.

Singapore Paincare Holdings - Key Risks

  • Pain care treatment yet to be widely recognised as an established medical specialty in Singapore.
  • Dependent on Executive Directors, Dr Bernard Lee and Dr Jeffrey Loh, responsible for operating and managing specialist and medical clinics.
  • Lack of operating history as an integrated medical services group.
  • Dependent on private hospitals to conduct minimally invasive procedures.
  • Group operations subjected to effects of health pandemics, such as the evolving COVID-19 situation, which may affect foreign patient load.
  • Risk of medical and legal claims, regulatory actions and professional liabilities arising from the provision of healthcare services.

Singapore Paincare Holdings - Dividend Policy

Singapore Research UOB Kay Hian Research | https://research.uobkayhian.com/ 2020-07-15
SGX Stock Analyst Report NOT RATED MAINTAIN NOT RATED 99998 SAME 99998