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Koh Brothers
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Jimeagle
Veteran |
26-Jul-2025 22:07
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Due to all the insurance tightening claims and healthier SG, it' s no longer appealing to be a specialists. The seller obviously realised this and also due to seniority(age is catching up), retirement plan is at the horizon. Buyer won' t want to buy 100% of the practice knowing that the medical practice without the founding doctor having a share in the business isn' t going to be a viable plan. Thus 50%-50% is the safer option. Don' t see how this purchase will benefit the group | ||||
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sklong138
Elite |
26-Jul-2025 17:49
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My impartial assessment of DISA' s investment in Rheumatology Associates (RA).
Based solely on the announcement, here is my impartial assessment of DISA' s investment in Rheumatology Associates Pte. Ltd. (RA), highlighting strategic, financial, and risk factors:
### **Strategic Rationale (Strengths)**
1. **Market Positioning**:
- RA is Singapore&rsquo s **only heartland-based integrated rheumatology/arthritis specialist center**, filling a gap between hospitals and general clinics.
- Targets an aging population (25% of Singaporeans will be &ge 65 by 2030), driving demand for chronic rheumatology care.
2. **Synergy Potential**:
- Plans to **franchise RA&rsquo s integrated care model** across heartland locations.
- Leverages DISA&rsquo s AI diagnostics (via subsidiary **Digital Life Line**) for early disease detection, potentially improving patient throughput and scalability.
3. **Established Partner**:
- Vendor (Dr. Yoon) remains CMO with **10-year commitment**, ensuring continuity. RA has a **20-year profitable track record** (revenue: S$4.98M&rarr S$7.51M over 5 years).
4. **Funding Structure**:
- Only **S$500k upfront cash** remainder via DISA shares (S$2.5M) and deferred payments (S$2.5M + interest), preserving liquidity.
---
### **Financial Concerns & Risks**
1. **Valuation Questions**:
- **Share issuance at 900% premium**: 250M DISA shares issued at S$0.01/share vs. market VWAP of S$0.001. This heavily dilutes existing shareholders.
- **Total consideration (S$5.5M)** for 50% of RA implies a S$11M enterprise value. Based on RA&rsquo s FY2024 EBITDA (S$2.42M), this is a **4.5x EBITDA multiple** &ndash reasonable for healthcare, but dependent on future growth.
2. **Profitability & Integration Risks**:
- RA&rsquo s EBITDA fluctuated significantly (S$1.71M&rarr S$1.00M&rarr S$2.42M), raising questions about earnings stability.
- **Negative Rule 1006(b) metric**: RA&rsquo s net profit (50% stake) exceeded 31.9% of DISA&rsquo s net loss &ndash highlighting DISA&rsquo s weak core performance and reliance on RA for profitability.
3. **Contingent Liabilities**:
- **Royalty fees (5% revenue)** payable to Dr. Yoon for new clinics he helps establish.
- **Finder&rsquo s fee (S$220k)** paid to Dr. Yoon&rsquo s brother, introducing potential conflicts.
4. **Dilution Impact**:
- Issuing 250M new shares (1.8% dilution) at a deep discount erodes per-share metrics (NTA/share: S$0.013&rarr S$0.037 post-acquisition is pro forma actual impact may differ).
---
### **Governance & Execution Risks**
1. **Control Limitations**:
- DISA owns 50% but **lacks operational control**. Dr. Yoon retains 50% and manages RA, creating potential alignment risks.
2. **Conditions Precedent**:
- Deal hinges on **satisfactory due diligence** (not yet completed), SGX approval, and no material adverse change before completion (28 July 2025).
3. **Regulatory Scrutiny**:
- High share issuance premium and dilutive financing could attract SGX-ST scrutiny despite falling under the General Mandate.
---
### **Conclusion**
**Opportunities**: The acquisition aligns with DISA&rsquo s healthcare expansion strategy, tapping into demographic trends and leveraging AI synergies. RA&rsquo s established niche offers revenue diversification and near-term profit uplift.
**Risks**: Valuation generosity (900% share premium), dependence on Dr. Yoon, RA&rsquo s volatile EBITDA, and dilution pressure raise red flags. DISA&rsquo s core weakness (net losses) makes integration critical.
**Impartial Verdict**: A **strategically logical but financially aggressive move**. Success hinges on:
- Dr. Yoon delivering franchised growth
- AI integration boosting margins
- DISA stabilizing its own operations.
Shareholders should monitor due diligence outcomes and RA&rsquo s HY2025 results (due 29 July 2025) for validation.
*Note: Assessment based solely on disclosed information no external data consulted.*
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sklong138
Elite |
26-Jul-2025 17:48
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tonytony
Veteran |
26-Jul-2025 13:22
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Shareholder funds pay ec , brother and few inside , ec tales millions for such performance ? Justified ?
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shk363
Elite |
26-Jul-2025 13:05
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this time is the time for it to fly | ||||
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Jimeagle
Veteran |
26-Jul-2025 12:55
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Wah, where is ah Klong? Zero $ traded... | ||||
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Jimeagle
Veteran |
23-Jul-2025 19:24
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You tell this to me for what. Tell Ah Long leh..
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Goodwill77
Supreme |
23-Jul-2025 15:27
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no body want to be baby sitter lah
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Jimeagle
Veteran |
23-Jul-2025 15:24
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Company announcement expansion into medical but only 7m($16k) shares traded.. damn chui.. non medical branching into medical, most time won' t work out | ||||
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Jimeagle
Veteran |
23-Jul-2025 14:20
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Ah long ah... you had been trying to sell combs in monastery... perhaps out of 10 monasteries you visited, 1 monk who kept a monkey will buy comb from you.. worst is you are also trying to recruit others to join you to sell combs in monasteries you have a collection of such stocks which stucked... this goes to your collection. |
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sklong138
Elite |
23-Jul-2025 13:33
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This stock remind me when I bought Addvalue when its share price is at its lowest and thereafter it slowly and steadily creep up. | ||||
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Chansenghoe1971
Elite |
23-Jul-2025 11:43
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1) the doctor folly to join Disa. He could have done it solo with his own listing or group with another similar trade
2) reputation of ec is wanting with many failed promises. Over promising and under delivering for decades 3) deal may announce to be cancelled later. Who wish to buy this? Except some ke long people. Well, if this really flies, congrats. |
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sklong138
Elite |
23-Jul-2025 08:38
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0.002 WALL TO BE TAKEN DOWN. ARMY ARE READY TO CHARGE. | ||||
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HuatAh7898
Elite |
23-Jul-2025 08:29
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It' s ok troops want to move ? | ||||
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superstartup
Supreme |
23-Jul-2025 08:12
Yells: "Enjoy doing Fundamental Research" |
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Wrong la. . . It is 0.037 SGD Cents = S$ 0.00037
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HuatAh7898
Elite |
23-Jul-2025 08:10
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This corporate development may move the troops Watch it |
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sklong138
Elite |
23-Jul-2025 06:37
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### Rheumatology Business Growth: Singapore and Global Perspectives (2025-2035)
---
#### **1. Global Rheumatology Market Growth**
- **Market Expansion**:
- The global rheumatology therapeutics market reached $41.88 billion in 2016 and is projected to hit $52.96 billion by 2025, with a CAGR of 2.7% (2017&ndash 2025) .
- Rheumatoid arthritis drugs alone are expected to grow from $63.22 billion (2024) to $75.53 billion by 2034, driven by biologic therapies and aging populations .
- **Key Drivers**:
- **Biologics & Biosimilars**: TNF inhibitors (e.g., Humira), IL-6 inhibitors (e.g., Actemra), and JAK inhibitors (e.g., Xeljanz) revolutionized treatment. Biosimilars now capture 23% of the adalimumab market (2024), reducing costs by 30&ndash 50% .
- **Epidemiology**: Rheumatoid arthritis affects 0.46% of the global population, with rising prevalence due to aging demographics .
- **Digital Health**: AI-driven drug discovery and telemedicine improve diagnostic efficiency and patient monitoring .
- **Regional Leaders**:
- **North America**: Dominates with 58.25% market share (2024), fueled by high arthritis prevalence (58.5 million U.S. cases) and rapid drug approvals .
- **Asia-Pacific**: Fastest-growing region (CAGR 14&ndash 16% for segments) due to healthcare investments and biosimilar adoption .
---
#### **2. Singapore' s Rheumatology Market Dynamics**
- **Demand Catalysts**:
- **Aging Population**: As one of Asia&rsquo s fastest-aging societies, Singapore faces increased rheumatic disease burden (e.g., osteoarthritis, rheumatoid arthritis) .
- **Government Initiatives**:
- **National Health Insurance**: Covers rheumatology drugs, enhancing affordability .
- **Healthier SG Strategy**: Focuses on preventive care and chronic disease management, including rheumatology .
- **Market Size**:
- Japan&rsquo s rheumatology drug market (benchmark for Asia) will grow from $5 billion (2022) to $7 billion by 2033 (CAGR 6.3%) . Singapore aligns with this trend through similar demographic pressures.
- **Innovation Hub**:
- **R& D Investments**: Singapore&rsquo s Research, Innovation and Enterprise (RIE) 2025 plan funds biomedical projects, including biologics .
- **Digital Integration**: AI diagnostics and tele-rheumatology platforms improve patient outcomes and resource allocation .
---
#### **3. Emerging Trends and Opportunities**
- **Global Innovations**:
- **Biosimilar Expansion**: 6 Stelara (ustekinumab) biosimilars gained FDA approval in 2024, increasing market competition .
- **Personalized Medicine**: Genetic profiling tailors treatments (e.g., JAK inhibitors for specific patient subgroups) .
- **Sustainability**: Eco-friendly drug manufacturing and packaging gain regulatory emphasis .
- **Singapore&rsquo s Strategic Position**:
- **APLAR 2025 Congress**: Hosting this event in Fukuoka (Sept 2025) positions Singapore as an Asia-Pacific knowledge hub, attracting partnerships .
- **Talent Development**: Programs like HMDP bring global experts (e.g., Dr. Lisa Christopher-Stine for myositis research) to upgrade local capabilities .
---
#### **4. Challenges**
- **Cost Barriers**: Biologics remain expensive (e.g., $20,000&ndash $30,000/year/patient), limiting access in low-income regions .
- **Regulatory Hurdles**: Tariffs (e.g., U.S. " Liberation Day Tariffs" up to 46% on APIs) disrupt supply chains .
- **Talent Gaps**: Shortages in specialized roles (e.g., biomedical data scientists) affect innovation speed .
---
#### **5. Future Outlook (2025&ndash 2035)**
- **Global Projections**:
- Biosimilars will capture > 50% market share by 2030, reducing treatment costs by 40% .
- AI and robotics will streamline drug development, cutting R& D timelines by 30% .
- **Singapore&rsquo s Growth Levers**:
- **Preventive Healthcare**: Wearable tech for early arthritis detection .
- **Regional Leadership**: Leveraging ASEAN connectivity for clinical trials and medical tourism .
> 💡 **Sustainability Note**: Companies adopting green practices (e.g., eco-friendly packaging) will gain regulatory and consumer preference by 2030 .
---
### **Conclusion**
The rheumatology sector is poised for robust growth globally (CAGR 1.8&ndash 2.7%), driven by biologics, biosimilars, and digital health. Singapore emerges as a high-potential market, leveraging aging demographics, government support, and innovation to achieve 6.3% CAGR in drug sales. Strategic focus on AI integration and regional collaborations will solidify its role as Asia&rsquo s rheumatology hub. For investors, biosimilars and digital health startups offer near-term opportunities, while sustainability initiatives promise long-term resilience.
*Sources: Global market reports , regional analyses , and policy frameworks .*
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sklong138
Elite |
23-Jul-2025 02:13
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Another Interesting part Pro Forma Improvement: Net Tangible Assets (NTA)/share: from S$0.013 to S$0.037. |
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sklong138
Elite |
23-Jul-2025 02:07
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This is the interesting part Payment Structure S$2.5M in DISA shares (250M new shares @ S$0.01/share, a 900% premium to market price). - S$0.5M cash upfront.
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sklong138
Elite |
23-Jul-2025 01:58
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Here is a concise summary of the key points from DISA Limited' s investment announcement:
### **Core Transaction**
- **What**: DISA' s subsidiary (ADH) acquires **50% stake** in Rheumatology Associates Pte. Ltd. (RA) for **S$5.5 million**.
- **Seller**: Dr. Yoon Kam Hon (unrelated to DISA). Post-acquisition, he retains 50% ownership and control of RA.
- **Payment Structure**:
- S$2.5M in DISA shares (250M new shares @ S$0.01/share, a 900% premium to market price).
- S$0.5M cash upfront.
- Deferred payments: S$1M (9 months) + S$1.5M (12 months), both with 5% annual interest.
- **Completion Date**: 28 July 2025 (subject to conditions).
### **Rationale**
- **Strategic Growth**: Aligns with DISA&rsquo s goal to expand in healthcare. RA is Singapore&rsquo s only heartland-based integrated rheumatology center (20+ years&rsquo track record).
- **Market Opportunity**: Targets aging population (25% aged 65+ by 2030), rising demand for arthritis/rheumatism care.
- **Synergy**: Integrates AI diagnostic tools from DISA&rsquo s subsidiary to enhance RA&rsquo s franchise scalability.
### **Key Commitments**
- Dr. Yoon appointed as RA&rsquo s Chief Medical Officer for &ge 10 years.
- Royalty fee: 5% of revenue from new clinics/therapy centers he helps establish.
### **Financial Impact**
- **Pro Forma Improvement**:
- Net Tangible Assets (NTA)/share: &uarr from S$0.013 to S$0.037.
- Loss Per Share (LPS): &darr from (S$0.019) to (S$0.011).
- **Funding**: Internal resources + new shares (no shareholder approval needed within existing mandate).
### **Regulatory Status**
- Classified as a **" discloseable transaction" ** under SGX Catalist Rules (no shareholder approval required).
- Relative figures under Rule 1006:
- Consideration vs. market cap: **39.7%**.
- New shares issued: **1.8%** of enlarged capital.
### **Conditions & Risks**
- **Conditions Precedent**: Due diligence, SGX listing approval, consents, etc. (deadline: 29 Aug 2025).
- **Caution**: Completion subject to conditions investors advised to exercise caution.
### **Other Details**
- **Finder&rsquo s Fee**: S$220,000 (4% of consideration) paid to Dr. Yoon&rsquo s sibling.
- **No Conflicts**: Directors/shareholders have no direct/indirect interest in the deal.
**Bottom Line**: DISA gains foothold in specialized rheumatology care via a structured acquisition, leveraging RA&rsquo s established presence and demographic tailwinds, with potential for AI-driven expansion.
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