DBS Research
Dec 11, 2008
Singapore Industry focus: healthcare (16 pages)

Content
A) Key drivers 3
1) Expect admissions to fall 2-4% in 2009 3
2) Means testing implementation – limited
benefit in short-term 4
3) Supply: No significant new hospital bed
supply in 2009; but additions in 2010 4
B) Financials 4
1) Operating margins in 2008 and 2009F 4
2) Raffles Medical has better margins. Why? 5
3) Credit crunch not an issue for healthcare 5
4) Parkway secured financing for Novena
hospital 5
C) Headlines to watch for in 2009 5
D) Strategy & Stock picks 6
1) 2008 not a defensive year for healthcare
sector - down c.65% 6
2) Raffles Medical - Buy; Upgrade Parkway
to Hold 6
3) PE Charts 7
4) Where are we vs. consensus 7
Peer comparison table 8
Quarterly and Forecast Cashflow 9
Stock profiles
Parkway Holdings 11
Raffles Medical 13