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Alliance Healthcare - Phillip Securities 2022-02-16: Capitalising On Digitalisation

ALLIANCE HEALTHCARE GROUP LTD (SGX:MIJ) | SGinvestors.io ALLIANCE HEALTHCARE GROUP LTD (SGX:MIJ)

Alliance Healthcare - Capitalising On Digitalisation

  • Alliance Healthcare (SGX:MIJ)'s 1H22 PATMI almost doubled to S$1.68mil, while revenue increased 23% y-o-y, mainly driven by higher revenue contribution from mobile and digital healthcare services.
  • Strong operating cash flow of S$4.7mil, underpinning robust cash position of S$18.4mil and higher net cash of S$12.3mil.



The Positives


Huge growth in mobile and digital health services.

  • Revenue more than tripled, while pretax profit increased from S$24k in 1H21 to US$1.2mil in 1H22. Higher revenue was due to Jaga-Me’s involvement in provision of COVID-19 related medical services, including home swabs, onsite vaccines and telemedicine consultations for home recovery programme.

GP clinics recorded steady growth.

  • Revenue from GP clinics increased 27%, while pretax profit more than doubled. The easing of COVID-19 restrictions resulted in more patient visits at GP clinics.


The Negatives


Managed healthcare services recorded net loss.

  • Net loss in 1H22 deepened to S$167k, from S$126.3k, as patient volume has yet to return to pre-COVID level.

Decreased revenue and profit contribution from pharmaceutical services.

  • There was reduced demand for medical supplies from certain hospitals, after the stocking in 1H21.

Outlook






Vivian Ye Phillip Securities Research | https://www.stocksbnb.com/ 2022-02-16
SGX Stock Analyst Report NOT RATED MAINTAIN NOT RATED 99998.000 SAME 99998.000



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