TalkMed Group

TalkMed Group > Neutral

RHB Research, Nov 9

Nov 9 close: S$0.615

Target price: S$0.64

MAINTAIN "neutral", new S$0.64 target price from S$0.70, 3 per cent upside with 3 per cent FY19F yield. Switch to Singapore Medical Group ("buy", target price S$0.56), a defensive sector pick recording growth.

TalkMed reported slightly better results in Q3 FY18, with revenue growing 15.3 per cent yoy and net profit up 7 per cent yoy, mainly due to the return of its key contributor and CEO, Dr Ang Peng Tiam. However, as the growth was slightly slower than expected, we cut FY18F earnings by 9 per cent to account for the longer ramp up.

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