Thomson Medical

Thomson Medical: StanChart starts at Outperform with $1.10 target, based on 19X 2011 P/E. Highlights group's leadership in Singapore's obstetrics and gynaecology, where Singaporeans most willing to spend money. While Thomson's 180-bed hospital has been running at nearly full capacity for years, and group continues to increase hospital revenue through operating efficiencies and shortening average admission days. Expect long-term growth to be supported by expansion into Vietnam, where it has contracts to provide consultancy services.