{"id":92704,"date":"2026-07-24T00:55:35","date_gmt":"2026-07-23T16:55:35","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92704"},"modified":"2026-07-24T00:58:40","modified_gmt":"2026-07-23T16:58:40","slug":"company-report-foundation-healthcare-holdings-fhh-sp-fhh-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-foundation-healthcare-holdings-fhh-sp-fhh-si\/","title":{"rendered":"Company Report: FOUNDATION HEALTHCARE HOLDINGS (FHH.SP \/ FHH.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92704\" class=\"elementor elementor-92704\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31b87139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31b87139\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea0fa5e\" data-id=\"5ea0fa5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd30da7 elementor-widget elementor-widget-heading\" data-id=\"cd30da7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY REPORT<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fa20e87 elementor-widget elementor-widget-heading\" data-id=\"5fa20e87\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"top\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: FOUNDATION HEALTHCARE HOLDINGS (FHH.SP \/ FHH.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17345a2a elementor-widget elementor-widget-text-editor\" data-id=\"17345a2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><a href=\"#about\">KEY DATA<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#highlights\">KEY TAKEAWAYS<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">COMPANY BACKGROUND<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">RISKS<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c02850d e-flex e-con-boxed e-con e-parent\" data-id=\"c02850d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43f5970 elementor-widget elementor-widget-heading\" data-id=\"43f5970\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publication Date:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a314826 elementor-widget elementor-widget-text-editor\" data-id=\"a314826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t24 Jul 2026\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-898340e e-flex e-con-boxed e-con e-parent\" data-id=\"898340e\" data-element_type=\"container\" data-e-type=\"container\" id=\"about\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-18cf3230 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"18cf3230\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef3b89a elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ef3b89a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">NON-RATED<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0254c7 elementor-widget elementor-widget-text-editor\" data-id=\"4a0254c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 20px 24px 0;\"><p style=\"font-family: Montserrat; font-weight: 600; letter-spacing: 2px; text-transform: uppercase; margin: 0px 0px 8px; font-size: 13px; color: #9b9b9b;\">FHH.SP \/ FHH.SI<\/p><h3 style=\"font-family: Montserrat; font-size: 25px; font-weight: 600; color: #0d2a5e; margin: 0 0 14px;\">FOUNDATION HEALTHCARE HOLDINGS<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-49b1edaa e-con-full e-flex e-con e-child\" data-id=\"49b1edaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-73ff9bf1 e-con-full e-flex e-con e-child\" data-id=\"73ff9bf1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e25570d elementor-widget elementor-widget-text-editor\" data-id=\"3e25570d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 16px; font-weight: 500; font-style: italic; color: #0d2a5e; line-height: 1.6; margin: 0;\">An integrated private healthcare platform<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5449b885 elementor-widget elementor-widget-text-editor\" data-id=\"5449b885\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 24px;\"><span style=\"color: #9b9b9b; font-family: Montserrat; font-size: 13px; font-weight: 600; letter-spacing: 2px; text-transform: uppercase;\">INDUSTRY<\/span><\/div><div style=\"padding: 16px 24px 0;\"><p style=\"font-family: Montserrat; font-size: 17px; font-weight: 500; color: #0d2a5e; margin: 0;\">Healthcare<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9a0d09 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1f9a0d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7dc370dd e-con-full e-flex e-con e-child\" data-id=\"7dc370dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d35ca1 e-con-full e-flex e-con e-child\" data-id=\"20d35ca1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620828c elementor-widget elementor-widget-heading\" data-id=\"620828c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">LAST CLOSE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9c11d2 elementor-widget elementor-widget-counter\" data-id=\"c9c11d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.81\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80ed373 e-con-full e-flex e-con e-child\" data-id=\"80ed373\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-458ef133 elementor-widget elementor-widget-heading\" data-id=\"458ef133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">12M TARGET PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c98c28e elementor-widget elementor-widget-text-editor\" data-id=\"c98c28e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>N\/A<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54b16a2b e-con-full e-flex e-con e-child\" data-id=\"54b16a2b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-134c63e1 elementor-widget elementor-widget-heading\" data-id=\"134c63e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">UPSIDE \/ (DOWNSIDE) (%)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17e04fe elementor-widget elementor-widget-text-editor\" data-id=\"17e04fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>N\/A<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a53bd64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a53bd64\" data-element_type=\"section\" data-e-type=\"section\" id=\"highlights\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59349e5d\" data-id=\"59349e5d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a99f18f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1a99f18f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Takeaways<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38964eee e-flex e-con-boxed e-con e-parent\" data-id=\"38964eee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3997ec42 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3997ec42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d9da287 e-con-full e-flex e-con e-child\" data-id=\"7d9da287\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f97e400 elementor-widget elementor-widget-heading\" data-id=\"f97e400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">KEY TAKEAWAYS #1<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2256cc6 e-con-full e-flex e-con e-child\" data-id=\"2256cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b337de elementor-widget elementor-widget-heading\" data-id=\"41b337de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Largest among key private specialist groups in Singapore.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306b0e0 elementor-widget elementor-widget-text-editor\" data-id=\"306b0e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #fffff; line-height: 1.7; margin: 0;\">According to Frost &amp; Sullivan, FHH ranked first within this peer group by specialist and clinic count. As of 31 March 2026, it had 108 medical specialists, 74 clinics, 16 specialties and four medical centres.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76efbdef e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"76efbdef\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-2752bb9 e-con-full e-flex e-con e-child\" data-id=\"2752bb9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aa04812 elementor-widget elementor-widget-heading\" data-id=\"1aa04812\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">KEY TAKEAWAYS #2<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e4595c e-con-full e-flex e-con e-child\" data-id=\"8e4595c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02bc3ff elementor-widget elementor-widget-heading\" data-id=\"02bc3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Growth has combined acquisitions and specialist recruitment.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b07a8a9 elementor-widget elementor-widget-text-editor\" data-id=\"3b07a8a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">Since its incorporation in 2022, FHH has acquired 38 specialist practices while also recruiting additional specialists. Reported revenue increased from S$112.4mn in FY23 to S$231.2mn in FY25, although acquisitions and the longer consolidation periods of previously acquired practices contributed materially to this growth.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d6ed505 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"2d6ed505\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-1ea6f91b e-con-full e-flex e-con e-child\" data-id=\"1ea6f91b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2eb43ec5 elementor-widget elementor-widget-heading\" data-id=\"2eb43ec5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">KEY TAKEAWAYS #3<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-63967fd e-con-full e-flex e-con e-child\" data-id=\"63967fd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d50719 elementor-widget elementor-widget-heading\" data-id=\"3d50719\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Specialist-led model with a larger pro forma earnings base.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6add1f6f elementor-widget elementor-widget-text-editor\" data-id=\"6add1f6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">The medical specialists segment contributed 97.3% of FY25 revenue. Pro forma FY25 revenue, Adjusted EBITDA and Adjusted PAT were S$265.9mn, S$99.1mn and S$51.4mn, respectively. Following the pre-listing ownership consolidation, the historical level of NCI is not representative of FHH\u2019s post-IPO structure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d13 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d13\" data-element_type=\"section\" data-e-type=\"section\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682abb32\" data-id=\"682abb32\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4316a0ca elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4316a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">More Information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38956962 e-flex e-con-boxed e-con e-parent\" data-id=\"38956962\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-31bc83e0 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"31bc83e0\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-52389624 e-con-full e-flex e-con e-child\" data-id=\"52389624\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6b701c53 elementor-widget elementor-widget-heading\" data-id=\"6b701c53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY BACKGROUND<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41f3f47a elementor-widget elementor-widget-heading\" data-id=\"41f3f47a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Company Background<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17fc426 elementor-widget elementor-widget-text-editor\" data-id=\"17fc426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Foundation Healthcare Holdings is a Singapore-based private healthcare group operating across three verticals: medical specialists, medical centres and healthcare technology. Its specialist practices earn consultation and procedure fees, together with revenue from drugs and consumables. Its medical centres earn facility, diagnostic-imaging and fertility-treatment fees, while AVA, its proprietary healthcare technology platform, generates subscription and implementation fees from third-party users. FHH commenced trading on the Mainboard of the SGX-ST on 8 July 2026.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-127a5977 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"127a5977\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-5fe09945 e-con-full e-flex e-con e-child\" data-id=\"5fe09945\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\">\n\t\t\t\t<div class=\"elementor-element elementor-element-70dfeaf4 elementor-widget elementor-widget-heading\" data-id=\"70dfeaf4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RISKS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f2256f7 elementor-widget elementor-widget-heading\" data-id=\"6f2256f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Key Risks and Considerations<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6b3fda elementor-widget elementor-widget-text-editor\" data-id=\"d6b3fda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Key risks include (i) clinical-quality, licensing, regulatory and patient-data risks; (ii) the ability to recruit and retain medical specialists and maintain insurer empanelment and reimbursement arrangements; (iii) acquisition-integration and goodwill-impairment risks; (iv) leverage, financing and execution risks relating to the ramp-up of new medical centres and expansion into new geographies; and (v) the potential impact of the April 2026 Integrated Shield Plan rider changes on FHH\u2019s patient volumes, treatment choices, procedure mix and pricing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24f4715c e-flex e-con-boxed e-con e-parent\" data-id=\"24f4715c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c35bf2f elementor-widget elementor-widget-heading\" data-id=\"7c35bf2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"#top\">^ Back to Top<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73847f e-flex e-con-boxed e-con e-parent\" data-id=\"73847f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78ba7508 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78ba7508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149a2b45 e-flex e-con-boxed e-con e-child\" data-id=\"149a2b45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef7dd8f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4ef7dd8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/FOUNDATION%20HEALTH%20IPO%20NOTE.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ FULL REPORT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194e9d69 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"194e9d69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US TO FIND OUT MORE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d53342 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72d53342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Largest among key private specialist groups in Singapore. According to Frost &#038; Sullivan, FHH ranked first within this peer group by specialist and clinic count. As of 31 March 2026, it had 108 medical specialists, 74 clinics, 16 specialties and four medical centres.<\/p>\n","protected":false},"author":17,"featured_media":92700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-92704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Largest among key private specialist groups in Singapore. According to Frost &amp; Sullivan, FHH ranked first within this peer group by specialist and clinic count. 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According to Frost &amp; Sullivan, FHH ranked first within this peer group by specialist and clinic count. 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According to Frost &amp; Sullivan, FHH ranked first within this peer group by specialist and clinic count. 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