Broker Name: Maybank Research Pte Ltd
Date of Report: February 12, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Thomson Medical Group (TMG) reported a narrowed net loss in 1HFY26, focusing on topline growth and market share expansion, but ongoing investments in specialist services, talent, and digital initiatives are weighing on near-term profitability. The company’s multi-year transformation includes expanding its clinic and hospital networks in Singapore and Malaysia, as well as growing oncology, fertility, and advanced surgical services in Vietnam to tap long-term demand and regional medical tourism.
• TMG faces near-term headwinds from high costs and leverage, but positive catalysts include improved margins from new services, successful ramp-up of its Malaysian oncology center, and the potential value unlocking of its Johor land bank. The group maintains a HOLD rating with a target price of SGD0.062, reflecting the underlying value of its assets, while capex is expected to normalize post-acquisition and its growth strategy remains intact.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking