Stock Of The Day - PALETTE(0005)

Stock Of The Day - PALETTE(0005)

wecan2088
Publish date: Thu, 17 Nov 2016, 02:34 PM

Palette Multimedia partners with China medical centre on i-medic

 
 
 
KUALA LUMPUR: Technology provider Palette Multimedia Bhd has signed a partnership deal with Shanghai International Medical Centre (SIMC) to provide its healthcare services in China.

Speaking to reporters on Thursday, chairman Eg Kah Yee said SIMC will adopt Palette Multimedia's mobile healthcare platform i-medic for all its doctors and specialists.

"i-medic is a system used for mobile digital medicine that enables patients to take measurements of their vital signs such as blood pressure, oxygen saturation in the blood and electrical activity of the heart with home wireless medical devices.

"Data from these devices are transmitted to a cloud (an internet-based database) where doctors have access and can analyse such data at any time and any place via WiFi," he said after the company's AGM in Kuala Lumpur on Thursday.

 
 
i-medic manages complete patient information because it includes radiology images such as CT Scan, MRI (Magnetic Resonance Imaging), ECG (Electrocardiography) and ultra sound images, among others.

"This is very convenient for both the patients and doctors as they do not need to see each other frequently, but doctors are able to monitor their patients' health based on the data shared in the cloud.

"Just like paying for your house maintenance or car maintenance, i-medic devices maintain your health, and you can do it on your own, any time," Eg said.

Being the first in the world to come up with such a technology, Palette Multimedia expects to generate more profit moving forward, especially after posting losses for three consecutive years.

It is reported that the company had returned to the black in its latest fourth quarter, also turning around for its full year to Dec 31, 2015.

For the fourth quarter to end-Dec 2015, Palette Multimedia recorded a net profit of RM304,000 versus a loss of RM5.32 million previously.

The company had invested more than RM10 million to set up its mobile health business over the last four years.

"We have started to see results from our investment and, moving on, we hope this new business model will be the key driver for the company next year.

"In China, a typical patient pays between RMB30,000 (about RM19,000) and RMB50,000 per year for a treatment and some of this portion will come to us," he said.

Palette Multimedia will also invest in the setup of the mobile healthcare system, providing training, technical support and consultants in managing the centre.

The company will soon offer its services in Asean countries, which will be a big step in promoting international medical tourism. - Bernama

 

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wecan2088

Shanghai International Medical Centre (SIMC) is under Parkway Pantai Group.

2016-11-17 14:36

wecan2088

It will be super good news to PALETTE. Since Parkway Pantai Group got many hospital in worldwide. If all of them using PALETTE system, it will be huge amount for PALETTE.

2016-11-17 14:39

wecan2088

Palette Multimedia’s i-medic platform to be key revenue driver in 2017
By Neily Syafiqah Eusoff & Ahmad Naqib Idris / theedgemarkets.com | November 17, 2016 : 2:48 PM MYT

KUALA LUMPUR (Nov 17): Information technology company Palette Multimedia Bhd is expecting its mobile healthcare platform, known as i-medic, to be a key revenue driver for its financial year ending May 31, 2017 (FY17).

The platform connects doctors and specialists with patients, through the use of multiple medical and fitness-tracking devices, through a mobile application that runs on smart devices.

Palette chairman Eg Kah Yee said the company will be focusing on the China market first, banking on the large population and growing affluence of the people, and has inked a deal with Shanghai International Medical Centre (SIMC) to set up an international mobile healthcare centre, dubbed 'The 3rd Center'.

“We have signed a partnership deal with the most prestigious hospital and the first high-end hospital built in China, SIMC, to provide quality healthcare services to the increasingly affluent population in China.

“Patients will no longer need to visit the doctors face-to-face as frequent as before, and this is a big step forward for international medical tourism,” he told reporters today on the sidelines of the group’s annual general meeting.

Under the agreement with SIMC, the hospital will be providing the space and necessary hardware facilities to set up an International Mobile Healthcare Centre, while Palette will set up the mobile healthcare system and also provide training, technical support and consultants for the centre.

Eg said the company is currently working with over 100 specialists at SIMC, including cardiologists, oncologists, as well as traditional Chinese medicine cancer specialists, and is in the process of training these specialists to use the i-medic platform.

Besides working with hospitals, Palette is also working with over 500 individual doctors and specialists from around the world on the i-medic platform, he added.

“The i-medic platform has already contributed up to RM2 million in revenue for FY16, and we expect this to grow, going forward,” he said.

The company had returned to black in FY16 with a net profit of RM2.24 million, after reporting seven consecutive years of losses. Revenue for FY16 stood at RM3.62 million.

In the first quarter ended Aug 31 (1QFY17) however, the group reported a net loss of RM516,000. There was no comparable period, as Palette had changed its year-end to May 31, from Dec 31.

At 12.30 p.m., Palette was unchanged at 7 sen, giving it a market capitalisation of RM22.37 million.

2016-11-17 14:56

wecan2088

It is a super good news !! PALETTE can hit 10sen at least.

2016-11-17 15:01

wecan2088

Tomorrow 10sen.

2016-11-17 16:02

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