Last August, the company launched its 26-acre Johor Bay integrated project within the Johor-Singapore Special Economic Zone, which is estimated to have a gross development value of RM18 billion.
For the 1HFY2026 ended Dec 2025, Thomson Medical narrowed its net loss by 20.6% y-o-y $10.2 million, due to lower financing costs even as its operating performance held steady.
However, it continues to make heavy investments in specialist services, clinical talent and digital initiatives across its key markets, which is a reason for Ong to trim his earnings estimates for the current FY2026 and coming FY2027.
He notes that Thomson Medical's revenue for the half year has increased by 7% y-o-y to $213.1 million, as the company was able to include additional business from its oncology centre in Malaysia.
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Over in Vietnam, where the company owns the FV Hospital, patient volumes increased. However, no thanks to a weaker Vietnamese dong, Thomson Medical suffered from unfavourable forex as it reports in Singdollar.
Having said so, Ong is upbeat that the long-term growth story in Vietnam remains intact.
FV Hospital aims to complete an expansion by the end of next year so that it can handle more patients.
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"Despite higher marketing spend amid keen competition among private healthcare players in the country, management still believes these initiatives will eventually position the Group to capture rising domestic demand and regional medical tourism," says Ong.
Close to home, Thomson Medical is further expanding its network of clinics and hospital facilities, including a second fertility centre. It is also improving ties with insurers.
In Malaysia, there are similar expansion moves too.
Further down the road, there is the planned 500-bed Thomson Hospital Iskandariah in Johor serving both local and cross-border patients, especially with the completion of the RTS Link by the end of year.
Thomson Medical shares dropped 3.23% to trade at 6 cents ahead of the lunch break.
