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http://pdf.reuters.com/sgxnews/sgxnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20101206:nSNC600171
MANDATORY CASH OFFER FOR THOMSON MEDICAL CENTRE LIMITED
Sasteria Pte Ltd opened market acquired 319 lots at $1.75c.
(a) Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it, and
(b) valid acceptances to the Offer, amount to an aggregate of 288,126,037 Shares, representing approximately 94.323 per cent. of total issued Shares. Accordingly, as at 5.00 p.m. on 3 Dec 2010, the total number of
PDF 1: THOMSON MEDICAL CENTRE LIMITED (Miscellaneous :: Mandatory Cash Offer For Thomson Medical Centre Limited)
http://pdf.reuters.com/sgxnews/sgxnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20101125:nSNBP50091
http://pdf.reuters.com/sgxnews/sgxnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20101125:nSNBP50091
teeth53 ( Date: 05-Nov-2010 13:56) Posted:
|
‘Several lapses’ at Thomson Fertility Centre
SINGAPORE
These findings were released by Health Minister Khaw Boon Wan in Parliament yesterday after investigations were launched into Thomson Medical Centre whose fertility centre used the wrong sperm for a couple undergoing invitro fertilisation (IVF).
Mr Khaw said, at the time of the incident, the embryologist had been processing semen specimens from two individuals at the same time. The pipette used for transferring specimens was reused twice instead of being discarded after a single use as is the recommended practice, thus “unnecessarily raising the risk of human error”.
The centre also did not have another person to check that the specimens were transferred correctly at every critical stage, as is the recommended procedure.
“These lapses in procedure contributed to the occurrence of a human error and both led to the IVF mix-up in this case,” said Mr Khaw.
In response to Member of Parliament Lam Pin Min’s query on the other nine IVF centres, Mr Khaw said two private centres were found to be in non-compliance of some procedures but have since fully corrected these.
The Ministry of Health (MOH) in a statement yesterday said that the two centres had lapsed in not having a second person to counter-check during the IVF procedure.
Operations at Thomson Fertility Centre have since been suspended by MOH.
— In addition to handling two assisted-reproduction processes specimens at a single time, other lapses at the Thomson Fertility Centre included using the same lab instrument, a pipette, twice and not having a second person to counter-check at every critical step of the procedure.Ng Jing YngNov 13, 2010
IVF laws
'Reconsider current rules and clarify the definitions in the Women's Charter.'
MISS LOH YANPING: 'The recent brouhaha concerning Thomson Fertility Centre has raised certain legal issues that should be addressed. Unlike England, which has in force the Human Fertilisation and Embryology Act, Singapore does not have similar legislation. Further, the lack of clear definition of the terms 'child' and 'parent' in the Women's Charter does not clarify matters. How should the judge address the difficult issue of who should be legally obliged to maintain a child who was created with a mistaken sperm?
It would be prudent to reconsider the current rules and clarify the definitions set out in the Women's Charter.'
TECHNICALLY
Is It nOt the eQUIvalent Of a
RAPE wIthOUt UNwanted chIld ? ? ? ?
Nov 13, 2010
IVF mix-up raises vexing legal issues
THE recent incident involving the mix-up at Thomson Fertility Centre raises vexing legal issues that the courts will have to deal with if the matter is not settled ('Law here has to develop to deal with such cases'; Nov 4).
This is a case without local precedent, so it is likely that our courts will look to how other Commonwealth countries have dealt with comparable situations. However, differing approaches have been taken.
Britain's House of Lords, the judgments of which are given much weight by our courts, ruled in 1999 that a couple could not sue a health board for a failed vasectomy negligently carried out on the husband, which led to the birth of a healthy child. It was against public policy to hold that the health board was liable for the financial cost to the couple for bringing up the child as, among other reasons, the birth of a healthy child was a benefit and not a detriment to the couple.
On the other hand, a claim for such expenses was allowed by the High Court of Australia in 2003.
Another issue is whether the child could make a claim against a negligent in-vitro fertilisation (IVF) provider. It seems it will be difficult for a healthy child to prove he has suffered any injury that the law should recognise. In a 1982 case, a British court held that a child cannot claim that he should not have been born at all, even if a doctor's negligence has caused a disability.
Last month, the High Court in Northern Ireland decided that although the two children born following an IVF mix-up had been subject to abusive and derogatory remarks because they had a darker complexion than their white parents, in a modern, civilised society it could not be said that being born with a particular skin colour amounted to 'damage' to them. Thus, even though the fertility clinic had admitted negligently inseminating the children's mother with the wrong type of sperm, it was not in the public interest for the children to be allowed to succeed in their claim.
Jack Lee
Assistant Professor of Law
School of Law
Singapore Management University
Since breaking news - Headlines money page - Peter Lim gains 54.4% of TMC stake (when news of his offering to buy Liverpool - break news sometime back about a mth and half)
His greatest achievement and not a mistake to buy up TMC at $1.75c, valuing TMC at S$513m or about 30 times it Pice-to-Earning Ratio (PER), where he can take it to run it privately. The offer is w/o outsider, others then himself.
Over long term, he can venture to Vietnam, China, Malaysia and so on. by way of M&A expansion. And re-offer it when the right time approach to offer it shares to funded Institutions and placement out more shares to say. say GIC and a small potion to the public again.
teeth53 thot - Just sharing my thot...hohohho. Ho..Say liao.
Note - He did made a gross mistake by offering to buy up Liverpool football club for cash - S$750m
Why this guy kana hum tam so jia lat?
DMG starts Thomson Medical at Buy; sets $0.76 target price. Says in note company in good position as one of cheaper private hospitals, set to capture market share on patients who may be looking for alternative sources of healthcare when means testing in public hospitals in Singapore begins Jan 2009. Sees continued patient load growth for Thomson Medical on the back of Singapore government initiatives to boost birth rate, strong brand name.
why thomson so thinly traded ah? I would have thought more poeple wold be interseted, given much greater interest in Raffles and Parkway
CIMB - Thomson Medical Centre (S$0.70) - FY07 results - Delivering results
In line. FY07 net profit of S$9.5m (+40% yoy) is within consensus and 2% above our expectations. Growth was led by increased deliveries, a higher patient load and better contributions from specialist services.
Revenue rose 13% yoy to S$52.4m, driven by Hospital Operations (+11% yoy) and Specialised Services (+22% yoy). Revenue from Hospital Operations rose to S$41.8m on the back of higher baby deliveries (+7% yoy to a record 7,665 babies) and inpatient admissions from patient referrals from its tenant specialists, peripheral specialists and network of Thomson Women?s Clinics. Revenue from Specialised Services increased to S$10.5m on higher contributions from all its subsidiaries. The hospital consultancy project in Vietnam is progressing as scheduled, with S$0.35m in consultancy fees recognised in FY07.
Margin improvements. Despite higher staff costs and the closure of two wards for renovation, gross and net profit margins came in at all-time highs of 43% and 18% (17% excluding divestment gains) respectively, thanks to improved operational efficiencies and lower finance costs.
Record dividend payout of 77%. The group will be paying out a dividend of 1 Sct for 2H07. It paid a total of 1.5 Scts in ordinary and special dividends in 1H07. Expansion plans. The group plans to renovate two levels of inpatient facilities and add two operating theatres in FY08. It will further rationalise space to add three medical suites for new specialists and set up another Thomson Women?s Clinic in Ang Mo Kio Hub in 1H08. Both developments are expected to generate patient referrals for its hospital facilities and services. The group is also exploring opportunities to establish a fertility centre in Vietnam to capitalise on Vietnam?s high demand for fertility treatment. Other initiatives introduced in FY07 included the launch of its Enhanced First Born Incentive, Subsequent Born Incentive and Thomson Junior Angels Club programmes to build brand loyalty, as well as the introduction of a Korean service to serve the Korean community in Singapore.
Maintain Outperform with target price raised to S$0.88. We have raised our FY09 earnings estimate by 6% to reflect stronger contributions from Specialised Services (additional Thomson Women?s Clinic and fertility centre) and introduced FY10 assumptions. We have also raised our target price to S$0.88 from S$0.87, after rolling forward our target basis to CY09 from CY08. Our new target is now based on 16x CY09 P/E (previously 20x CY08 P/E), still maintaining a 15% discount to the peer average.
Phillip Securities - A handsome year of return
Shares 292m
Market Cap. S$204m
Trailing 12 mon PE 21.5x
Forward 12 mon PE 19.5x
P/BV 2.2x
52-week Price Range 0.38-0.75SGD
52-week PER Range 11.7-23.0x
Listing Bourse SGXSESDAQ
Major Shareholders
1.T Holdings (20.0%)
2.Harirela (S) Pte Ltd (17.4%)
FY07 results above our expectation.
The FY07 result of Thomson has been beyond our expectations as its net profit grew 40.3% to SGD 9.5 mln on the back of revenue growth of 12.6% to SGD 52.4 mln. For 2H07, net profit grew 45.1% to SGD 5.1 mln and revenue grew 17% to SGD 28.1 mln. The growth of top line is mainly driven by both of the hospital operations and ancillary services (increased 10.5% to SGD 41.8 mln YoY), as well as specialized and other services business segments (increased 21.7% to SGD 10.5 mln YoY). These increases were supported by more baby deliveries (7665, 7% increases YoY) and inpatient admission of the Group, and more patient referrals from the network of Thomson Women?s Clinics. Thomson is gaining bigger market share of the shrinking pie.
The gross profit margin of FY07 increased 0.9% to 43.2% compared to FY06, and it is likely to remain the same level. Administration and other expenses increased 13.2% and 9%, respectively, which is inline with revenue growth.
During FY07, Thomson divested its loss making associates West point, generated a one time gain of SGD 0.62 mln. If we remove the discontinuing business effect, the profit before tax growth will be 20.3% YoY (based on adjusted FY07 PBT SGD 10.7 mln, adjusted FY06 PBT SGD 8.9 mln) Thomson has very healthy balance sheet and cash flow too. It has SGD 15.3 mln cash and has current ratio 1.3 and gross gearing less than 10%. Its cash cycle is effectively negative as it has very shorter receivable turnover days and inventory turnover days compared to payable turnover days. Thomson generated SGD 13.6 mln cash from its operating activities.
Overall, Thomson did a very good job for FY07!
Thomson Medical Centre
FY2007 Net Profit Soars 40.3%
Deliveries Hit Record High of 7,665
Declares 2
ordinary share
From CIMB this morning.
Thomson Medical Centre (S$0.705) - Growing in strength
TMC has been grabbing market share from its competitors. It has decanted its admin space to make way for medical suites and is close to leasing these suites to senior O&G specialists. The addition of these specialists is expected to lift admissions and utilisation. TMC will have recurring fee income from its Vietnam project from now until 2009, with the possibility of securing more projects in Vietnam and beyond. We have raised our FY08-09 earnings estimates by 4-4.5% to reflect stronger contributions from the hospital segment. Our target price has been lifted to S$0.87 from S$0.73 after our earnings upgrade and raising our target multiple to 20x CY08 P/E (from 17.5x) on the back of smooth execution in Vietnam. Reiterate Outperform
Dividend is 1.5cents and not 0.75cents. I read recent ThomsonMed_HalfYear_FinStmt_Announcement by the company filed by Thomson. They had mentioned interim dividend is .75cents and special interim dividend is .75 cents payable on 10th May. So it means they are gonna pay out 1.5 cents right? today stock is raising like anything open at .65.. now at .68!!
apologise for the typo error about the dividend
yah lah... how can it be $0.75 when share price is only at $0.58? Equity market is the closest we can get to a perfectly competitive market where price is determined by Demand and Supply. The basic assumption was perfect knowledge on the part of buyer and seller. With this perfect knowledge (divvy info), the price will need to be more than the divvy declared.
Wow! $0.75 or 0.75 cents, that is a whole world of difference!
I checked. It's 0.75 cents. I almost got a heart attack!
Latest news at 6.43pm. Thomson Medical reported the following:
- Revenue 7.8% higher at $24.3 million
- Net profit after tax rose 34.8%
- 9% growth in deliveries
- To reward and thank shareholders for their support, the Group has decided to declare an interim dividend of $0.75 per ordinary shares
- Hospital Project in Vietnam will be completed by this April
- Tender for the project expected to be awarded by May 2007 soon
- Group exploring growth opportunities in Malaysia and Indonesia
thomson announced recommending bonus issue of 1 for every 10 shares. Profit increased and div is about 1.2 c ++.
SIAS has upgraded its recommendation to "buy" from "hold", and increased its price target to $0.46 from $0.41.
The brokerage's move followed Thomson Medical's announcement last month that it will sell its 2m shares in West Point Family Hospital to China Healthcare Ltd where it will receive $0.95m and another $1m under a loan assignment.
"Given that the carrying book value for the hospital is $328,731, TMC will see exceptional gains of $621,269 in (year to August) 2007 arising from the sale," SIAS said in a client note.
The sale, SIAS said, will boost Thomson Medical's working capital and enable it to focus on its core businesses and competencies in providing healthcare services for women and children.
SIAS has increased its earnings forecasts for the company for the year ended Aug 31 by 12% to $6.1m. It expects Thomson Medical to post net profit of $7.7m for the current year to August 2007.