Wolf Money(SMG 1H22 result/sold)

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SMG reported a drop in profit of 13% due to rising cost in recruitment of medical personnel. I had a quick glance of the result. I didn’t have time to do a complete analysis of the company as the result was released very late into the night.

Below are the key points.

*Profit drop 13 percent due to increase cost of engaging of medical personnel and new opening of clinics.

*Revenue got an initial bump up of 8.9% after the border reopened in April to receive medical tourists. 

*Record revenue but profit didn’t follow.

*Overseas JV are gaining traction with 800k profit in 1H22 which is close to the whole of last year.

*Net cash went up to 24.6m(end June) from 22.9m(end Dec)

*guidance is for company to continue grow in 2nd half and cost likely to be more persistent too.

I have decide to take an insurance by selling the shares and take a slight loss pending improvement in the business. LWF no longer holds shares in SMG. Disappointing result given rival Raffles Medical reported fantastic result.

More commentary during end of month portfolio update.


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