Thomson Medical: positive 3Q10 results. Revenue +25% to $21.8m, on higher obstetric cases and deliveries, inpatient admissions from referrals and increased patient load. Gross margin expanded from 42.7% to 44.7%, boosting NPAT to $4.9m (+43.5% yoy). While market share continued to increase, Group plans to further expand distribution channels to attract more patients, incl foreigners, and widen network of satellite clinics
Thomson is also making inroads into Vietnam. A new consultancy and hospital mgt project is slated to open by Oct 2010, with plans to commence on a second project once a suitable site is found. Stock trades at 14x PE, vs Parkway at 35x and Raffles Medical at 24x.
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