Standard Chartered starts Thomson Medical Centre (5FV.SG) at Outperform with $1.10 target price, based on 19x 2011 P/E, says Dow Jones.

Stanchart cites healthcare group’s leadership in Singapore’s obstetrics and gynaecology field, “a specialty where Singaporeans are most willing to spend money.”

Research house says while Thomson’s 180-bed hospital has been running at nearly full capacity for years, revenue growth not restrained; “we believe the group can continue to increase its hospital revenue through operating efficiencies and shortening average admission days.”

Expects long-term growth to be supported by Thomson’s expansion into Vietnam, where it has contracts to provide consultancy services. Shares +3.4% at $0.92.