In Singapore, there are only a handful of companies in the healthcare sector, much less in the medical instruments. In this handful of companies, there is one company whose market capitalisation only amounted to $215.4 million but it has a 75 percent global market share in the products which it sells. Most investors may not have heard it before. This company is called LMA International N.V.

LMA designs, manufactures, markets and distributes LMA™ laryngeal mask airway range of supraglottic airway devices and LMA Atomization™ devices for pain-free administration of medication. An approximate 25 percent of the world’s operations under general anesthetic employ LMA’s products. The nearest competitor is Ambu which has about 10 percent global market share and is listed on the NASDAQ OMX Copenhagen. (Ambu trades at a historical PE of 23.6x vis-à-vis LMA’s 9.1x.) I am intrigued by LMA especially ...