ISEC

Maybank Kim Eng just released an update w a target price of 40 cts.
Key points:
1. expect healthy EPS growth for FY17E
2. ophthalmology operations in Malaysia continue to improve from higher patient volume
3. continue to explore M&A opportunities
Above are the main highlights. Pls refer to Maybank Kim Eng report for details.

Note: Am just sharing. Vested.

2Q result is out. There is growth in revenue n profit. see below for last 3 Q performance:

Revenue:
Oct - Dec '16 - 8,299
Jan - Mar '17 - 8,461
Apri - June '17 - 9,249

Net Profit:
Oct - Dec '16 - 1,468
Jan - Mar '17 - 1,660
Apr - June '17 - 1,961

Company has no debt
Company has cash of 22 mil
Dividend declared for half year 0.5 cts.

Company on lookout for mergers, acquisitions, jv.. etc
Pls refer to latest report for details.

Vested .. above for sharing purpose only n also for those following my post.

An extract of the latest presentation by ISEC.

Industry Overview
Key Drivers for Private Ophthalmology


AGEING POPULATION
with large elderly patient group suffering from cataract,
glaucoma, AMD, dry eyes or vitreoretinal diseases as these
eye disorders are age-related

INCREASING AWARENESS
with information technology penetration will increase
patients’ propensity to seek timely and private medical treatment

RISING INCOME LEVEL
increases patients’ affordability to engage private ophthalmology
services

INCREASE IN PRIVATE INSURANCE COVERAGE
encourages more people to seek private medical services,
including ophthalmology-related medical procedures that are
subsidized by insurance

GOVERNMENT SUPPORT IN PROMOTING
MEDICAL TOURISM
leading to generation of additional demand for medical services
including ophthalmology services

RISING INCIDENCE OF DIABETES
can in turn increase one’s chances of getting an eye
disorder such as diabetic retinopathy, cataract and glaucoma

Open market purchase by Director/CEO

Dr Wong - eFORM1_final.pdf

Stock seem to be in a stagnant for quite awhile now, based on the attractive cash flow, hoping that it will only be a matter of time.

Lately there is not much interest in the healthcare sector. It may be a good time to pick up some shares for long hold. ISEC remains my counter of choice primarily because of its strong balance sheet, low valuation relative to other healthcare counters n decent dividend yield. Profit for the 6 months has been encouraging ..
S$3.6 mil.

Another encouraging point is CEO/Director share purchase in the open market - see below:
Dr Wong - eFORM1_final.pdf
This is the 2nd share purchase.

Just sharing ... vested.