Cordlife

Cordlife: StanChart has an unrated note. Cordlife is the largest cord blood bank in Singapore, with 62% market share. It is also the second largest operator in HK, with a 28% market share as of 2010. The house notes Cordlife’s growth visibility. The group is expanding geographical coverage to Indonesia, India, the Philippines, Msia and Thailand, through the recently proposed acquisitions and a strategic alliance. Growth in existing markets should be further underpinned by Deloitte & Touche forecast 2010-15 CAGR growth of 9% and 23% respectively.