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2012. All required disclosures and analyst certification appears on the last 3 pages of this report. Additional information is available on request.




August 27, 2012

Cordlife Group Results Review
Rising revenue but one-off IPO costs eats into profits


Weaker FY12 (Jun.) performance. Cordlifes FY12 (Jun.) net profit
declined to SGD6.9 mln (-18.3%) in spite of a 12.1% increase in total
revenue. The lower profit was mainly a result of: (i) marginally weaker
gross margin attributed to increase in cost of testing brought about by
a change in the AABB standards and (ii) higher administration costs
from IPO and director fees. Excluding the one-off IPO expenses of
SGD1.9 mln, FY12 net profit would have risen 4.1%. A final special
DPS of SG1.8 cent was declared, bringing the total net DPS for FY12 to
SG3.8 cents (including SG2.0 cents special).

Positive operating cash flows and healthy balance sheet. Despite
the weaker FY12 results, Cordlife generated positive net cash of
SGD6.0 mln (-24.9%) from its operating activities. The groups balance
sheet remains healthy with a net cash position of SGD27.9 mln as at
Jun. 30, 2012.

Proposed acquisition of 10% of China Cord Blood Corporation
(CCBC), the largest cord blood banking operator in the PRC for
USD20.8 mln. This will be largely offset against USD16.8 mln
consideration for the disposal of Cordlifes 10% indirect stake in China
Stem Cells (South) (CSCS). CSCS is an indirect subsidiary of CCBC and
holds the entire equity interest in Guanzhou Tianhe Nuoya, the sole
cord blood banking operator in Guangdong, PRC. The acquisition will
allow Cordlife to capitalise on CCBCs extensive cord blood banking
network and expand service coverage in the PRC beyond Guangdong.
In addition, it will allow Cordlife to exchange its equity stake in a
private company (CSCS) for a publicly traded stock on the NYSE.

Key Fundamentals
12 months ended (SGD mln) Jun-11 Jun-12 YoY%
Revenue 25.7 28.8 12.1
EBIT 7.2 4.0 (44.1)
EBITDA Margin % 30.3 16.3
Net Income 8.5 6.9 (18.3)
Basic EPS (SG cents)* 3.64 2.98 (18.3)
Price/Earnings (x) 14.4 17.6
DPS (SG cents) N.A. 3.8
Dividend yield (%) N.A. 7.2
Cash & bank balances 5.3 30.4 473.6
Net Debt 0.0 0.0
Net Gearing x 0.0 0.0
Total Equity 40.6 71.2 75.5
Book Value/Share (SG cents)* 17.4 30.6 75.5
P/BV x* 3.0 1.7
Source: Company data, S&P Capital IQ
*Based on 232.7 mln post IPO shares in issue
GICS: Healthcare/Healthcare Equipment and
Services
Business Summary: Cordlife Group Ltd, an
investment holding company, provides cord
blood banking and umbilical cord tissue
banking services.
Country of Incorporation: Singapore
Head Office Location: 61 Science Park
Road, No. 05-16/17/18, The Galen Singapore
Science Park II, Singapore 117525.
Place of Operation: Singapore, Hong Kong
and Shenzhen
Website: www.cordlife.com
IR Contact: Ms. Dolores Phua |
[email protected]
| +65-6534 5122


CURRENT PRICE:
SGD0.525


Lau Seu Yee
Equity Analyst
65 6239 6391
[email protected]

Key statistics
52-week Price Range 0.80 / 0.43
Avg Vol - 12 months ('000 shares) 4,117.2
Price performance (%) - 1 month 15.4
- 3 month 18.0
- 12 month 0.0
No. of Outstanding shares (mln) 232.7
Free Float (%) 61.6
Market Cap (SGD mln) 122.2
Enterprise value (SGD mln) 94.3

Major shareholders (%)
China Stem Cells (East) Co Ltd 10.5
City Challenge Global Ltd 9.4
Coop International Pte Ltd 8.8

Source: Company data, S&P Capital IQ
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Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
Share Price Performance


Cordlife Group Share Price Chart






Source: S&P Capital IQ





Comparative Performance
Cordlife Group
FTSE Straits
Times Index
China Cord
Blood Corp. Stemlife Bhd Bionet Corp.
1 Month 15.38% 1.53% 9.68% 6.58% 11.49%
3 Month 17.98% 10.02% 3.42% -2.41% 35.25%
6 Month N.A. 2.43% 0.74% 35.00% 14.06%
Source: S&P Capital IQ
Share Price Performance Details
Current Price 0.525
52-week Hi/Low 0.80/0.43
10-day Avg Volume (mln) 4.83511
Price 1 Month Ago 0.455
1 Month Price Performance 15.38%
Price 3 Months Ago 0.445
3 Month Price Performance 17.98%
Price 6 Months Ago N.A.
6 Month Price Performance N.A.
Price 12 Months Ago N.A.
12 Month Price Performance N.A.
Market Capitalization (SGD mln) 122.2
Beta N.A.
Source: S&P Capital IQ
0.40
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0.70
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3





Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
Financial Performance
Recent interim performance: Cordlifes FY12 (Jun.) net profit dropped 18.3% to
SGD6.9 mln in spite of a 12.1% increase in total revenue. The higher revenue was
attributed to: (i) an increase in the provision of cord blood banking services
driven by a rise in the number of client deliveries, from about 6,600 in FY11 to
7,200 in FY12; and (ii) provision of new cord tissue banking services in Hong Kong
which commenced in March 2011.
The groups gross margin remained high at about 70% in FY12, although declined
marginally from 71.1% in FY11. This is a result of increase in the cost of maternal
blood testing of approximately SGD120 (or 160%) per cord blood unit which was
brought about by a change in the AABB standards. Profitability was also affected
by higher administrative expenses (+65.6%) attributable to IPO expenses of
SGD1.9 mln and increase in headcount, director fees and compliance costs. This
was partially offset by higher associates income of SGD2.1 mln (+24.8%) due to
the growth of Guangzhou Tianhe Nuoyas business as new customers signed up
each year in addition to existing customers. Excluding the one-off IPO expenses
of SGD1.9 mln, FY12 net profit would have risen 4.1%.
Cordlifes balance sheet remains healthy as at FY12 with minimal total debt to
equity ratio of about 4%. As at FY12, total borrowings increased to about SGD2.6
mln (from SGD0.8 mln end-FY11). Given this is matched by healthy cash & cash
equivalents of SGD30.5 mln (inclusive of SGD17.5 mln in fixed deposits), the
group remains in net cash position in FY12. Operating cash flow remains positive
while listing proceeds help add to the overall increase in cash and equivalents.
The additional loan drawn down is to finance its larger proposed headquarters at
Yishun, APosh Bizhub which is on track to open by first quarter of 2013.
Detailed Profit & Loss
SGD mln Fiscal Year Ended 3 Months Ended
Jun-11 Jun-12 YoY (%) Jun-11 Mar-12 Jun-12
Revenue 25.7 28.8 12.1 7.0 6.9 7.5
Cost of sales (7.4) (8.7) 18.0 (2.0) (2.1) (2.2)
Gross profit 18.3 20.0 9.7 5.0 4.8 5.2
Gross profit margin 71.1% 69.6% 71.7% 69.3% 70.0%
Other operating income 0.4 0.1 (79.2) 0.1 0.0 0.0
Selling & marketing expenses (5.9) (6.9) 17.6 (1.7) (1.6) (1.8)
Administrative expenses (5.5) (9.2) 65.6 (1.6) (3.0) (2.3)
Profit from operations/EBIT 7.2 4.0 (44.1) 1.9 0.2 1.1
EBIT margin 28.1% 14.0% 26.3% 2.9% 15.0%
Share of results in associate 1.7 2.1 24.8 0.6 0.5 0.7
Finance income 1.1 1.7 52.0 0.3 0.4 0.6
Finance costs (0.0) (0.0) (95.3) (0.0) (0.0)
Profit before tax 9.9 7.8 (21.7) 2.7 1.1 2.4
PBT Margin 38.7% 27.0% 38.7% 15.2% 32.0%
Income tax (1.5) (0.9) (41.4) (0.4) (0.2) (0.1)
Effective tax rate 14.7% 11.0% 15.8% 20.9% 3.5%
Net profit attributable to equity
holders 8.5 6.9 (18.3) 2.3 0.8 2.3
As reported EPS (SG cents) 3.64 2.98 (18.3) 0.98 0.36 0.99
Share capital (mln) 232.7 232.7 232.7 232.7 232.7
Weighted share capital (mln) 232.7 232.7 232.7 232.7 232.7
Source: Company data, S&P Capital IQ Research
4





Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
Income Statement (SGD mln)
FYE June 30 2010 2011 2012
Total Revenue 28.2 25.7 28.8
Growth Over Prior Year 24.7% -8.8% 12.1%
Gross Profit 20.5 18.3 20.0
Margin % 72.8% 71.1% 69.6%
EBITDA 8.8 7.8 4.7
Margin % 31.3% 30.3% 16.3%
EBIT 8.4 7.2 4.0
Margin % 29.9% 28.1% 14.0%
Earnings from Cont. Ops. 8.4 8.5 6.9
Margin % 29.9% 33.0% 24.1%
Net Income 8.3 8.5 6.9
Margin % 29.4% 33.0% 24.1%
Basic EPS* 3.6 3.6 3.0
Key Growth and Fundamental Ratios
FYE June 30 2010 2011 2012
EPS Growth (%) 33.7 2.6 -18.3
Sales Growth (%) 24.7 -8.8 12.1
Asset Turnover (x) 0.6 0.5 0.4
Inventory Turnover (x) 32.9 31.1 27.1
Receivables Turnover (x) 3.4 3.6 3.7
Effective Tax Rate (%) 15.4 14.7 11.0
Total Debt to Equity (%) 2.7 2.1 3.6
Interest Coverage (x) 183.0 167.7 2,017
Quick Ratio (x) 0.9 1.5 3.4
Current Ratio (x) 1.0 1.6 3.5
Debt to Capital (%) 2.6 2.0 3.5
Balance Sheet (SGD mln)
FYE June 30 2010 2011 2012
Current Assets 21.0 12.9 29.1
Fixed Assets 2.0 4.3 6.1
Other LT Assets 35.8 38.2 55.2
Total Assets 58.8 55.4 90.4
Current Liabilities 21.2 8.0 8.3
Total Liabilities 25.8 14.8 19.2
Share capital 25.7 25.7 53.5
Shareholder's Equity 33.0 40.6 71.1
Cash and Cash Equivalents (inclusive of fixed deposits) 8.2 5.3 30.4
Total Debt 0.9 0.8 2.6
Net Cash/(Debt) 7.3 4.5 27.8
Cash Flow (SGD mln)
FYE June 30 2010 2011 2012
Cash from Operations 8.3 8.0 6.0
Capital Expenditure (1.6) (3.1) (2.4)
Cash from Investing (16.2) (4.4) (20.1)
Total Debt Issued 9.5 5.4 1.8
Total Debt Repaid (0.0) (12.6) (0.0)
Cash from Financing 9.5 (7.3) 23.0
Change in Cash 1.4 (3.3) 9.0
Cash flow per share (SG cents)* 3.6 3.5 2.6
Source: Company data, S&P Equity Research estimates * Based on 232.7 mln post IPO shares in issue
5





Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
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In Europe
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recommended 32.5% of issuers with buy recommendations, 50.8% with hold
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6





Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
In Asia
As of June 30, 2012, research analysts at S&P Capital IQ Equity Research Asia
recommended 34.7% of issuers with buy recommendations, 57.8% with hold
recommendations and 7.5% with sell recommendations.

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7





Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd
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Standard & Poor s

August 27, 2012 Cordl i fe Group Ltd

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