TMC Q3 FY2010 Review

TMC released its Q3 FY2010 results yesterday.

Its revenue increased 25.4% to $21.83 million. Its gross profit margin improved 2% to 44.7%. Its net profit margin increased around 3% to 22.5%. I think for full year FY2010, TMC can post NPM above 20% for the first time, given its better margins.

The cash balances have also improved by 59% to $24.5 million. Its operating cashflow for 9M FY2010 improved 23.9% to $15.2 million. It also paid off some loans and its long-term payable loans now stands at a mere $340,000. This is very impressive. Its cash positions are extremely strong.

Its Vietnam hospital project is nearing completion and TMC has planned for a soft launch in Oct 2010. TMC will commence work on its second hospital consultancy project in Hanoi once a suitable location is found.

In May this year, TMC was a recipient of May Day CBF Model Partnership Award 2010. The award, given by NTUC, rewards organisations that have enhanced productivity, upgraded their capabilities and responded to market changes and ensuring competitiveness. Another awards that TMC won and that I just learnt of it was the “Most Transparent Company Award 2009” for Mainboard Small Caps category given by Securities Investors’ Association Singapore.

TMC also topped the healthcare sector in Customer Satisfaction Index for Singapore in Jan 2010. TMC scored 73.3, significantly higher than the healthcare sector average score of 68.9.

Keeping in mind the positive results, it’s no surprise that TMC’s price went up 5.6% today. I’m looking forward to the Vietnam hospital soft launch in Oct 2010 and full year FY2010 results, which I’m sure TMC will do well given its impressive 9M FY2010. Maybe, there will be higher dividends for full year FY2010 as well.

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