Thomson Medical Group - Phillip Securities 2025-09-03: Recovery Underway With Property Windfall

• Thomson Medical's results were below expectations. FY25 revenue was 93% of our forecast. Adjusted net loss of S$26.8mil was wider than our forecasted S$4.3mil net loss.
• - Read this at SGinvestors.io -
• Growth is returning to Singapore as case complexity and revenue intensity rise. Malaysia has turned profitable in 4Q25 as discounting eases.
• The valuation of the Johor land bank is raised to S$1.5bn from S$1bn. Gross development value target of RM18bn is in-line with our modelled RM17bn.

The Positive

Growth returning to Singapore.

• - Read this at SGinvestors.io -

The Negative

Softness in Vietnam.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2025-02-18 Thomson Medical Group - Still Building The Foundations.

Price targets by other brokers at Thomson Medical Target Prices.

Listing of research reports at Thomson Medical Analyst Reports.

Relevant links:
Thomson Medical Share Price History,
Thomson Medical Announcements,
Thomson Medical Dividend Payout Dates & Corporate Actions,
Thomson Medical News