Shares of Medtecs International Corp., a maker of medical apparel, traded for just a few Singapore cents at the start of the year before the pandemic roiled financial markets. Now they’re up almost 5,000%. Supernormal demand for essential reusable hospital garb, disposable personal protective equipment and workwear helped the Taipei-headquartered company’s net income grow about 100 times in the six months ended June 30 from the previous year. The stock is the top performer for Singapore and among the best in the global health-care supply sector for 2020.
The COVID-19 pandemic has profoundly changed people’s lives across the globe, wreaking havoc on everyone’s mental and physical health. Many of us have been coping with stress, depression, fear and anxiety as a result of the crisis. The pandemic has also created unprecedented pressure on the global supply chain and healthcare systems, creating yawning gaps in inventory of personal protective equipment (PPE) and medical supplies. The scarcity of PPE has forced many front-line medical professionals to improvise with less effective alternatives which put their health and safety at risk.
CEO William Yang has shown his confidence in the company by scooping up his first holdings in Medtecs shares. AS nations struggled to deal with the COVID-19 crisis earlier this year, MedTecs International Corp. – a Singapore-listed maker of surgical masks, medical coveralls and isolation gowns -was turning away orders for its products.