SOG is one of the largest positions within my portfolio so I attended the Singapore O&G (SOG) annual shareholder meeting yesterday. Here are the key highlights:

SOG market share for baby deliveries increased from 8.0% to 8.9% in 2018. While Dr Heng delivered the most babies within the group, it was the younger O&G doctors who have been driving growth in 2018. This is good news because it reduces dependence on the founding doctors. Management is aiming to achieve 15% market share in baby deliveries over the next five years. SOG aims to hire 2-3 like-minded doctors per year which includes at least one more O&G doctor in 2019. In response to a question about Dr Heng’s contributions to the group, the CFO said none of the doctors contributed more than 25% of total revenue to the group. Dr Heng was paid SGD1.25 million in 2018 which includes all medical,...