SMG announced a record-high PATMI of S$15.6m (+78.8% yoy), beating expectations.
Recovery in demand for the diagnostic and aesthetics segment drove earnings past
pre-pandemic levels. The reopening of international borders will also help the foreign
patient load to recover, which historically contributed 15-20% of annual revenue.
The group continues to make inroads in overseas growth and is focused on key vertical
acquisitions. Maintain BUY with a higher PE-based target price of S$0.53.
