Raffles Medical Group - CGS-CIMB Research 2022-02-22: A Transition Year Post-COVID-19

Raffles Medical Group - A Transition Year Post-COVID-19

  • Raffles Medical (SGX:BSL) saw 2H21 revenue improve 16.3% y-o-y/10.5% h-o-h as COVID-19-related revenues intensified during the height of the Delta wave between August and October in Singapore. FY21 core net profit fell short at 91% of our estimate due to S$11m in government grants but was in line with consensus at 96%.
  • FY21 revenue was within expectations at 101%/104% of our/consensus estimates as momentum from COVID-19-related services continued in 2H21.
  • Lacking short-term catalysts but weakness priced in. The exceptional growth in FY21 will be tough to beat.
  • We lowered FY22-23F earnings per share forecast for Raffles Medical by 21-23% and reiterate HOLD call on Raffles Medical with lower SOP-based target price of S$1.33.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-22
SGX Stock Analyst Report HOLD DOWNGRADE ADD 1.33 DOWN 1.400

Previous report by CGS-CIMB:
2021-07-12 Raffles Medical Group 1H21F Earnings Preview - Gradual Return Of Patients

Check out the most recent target prices at Raffles Medical Target Prices. Listing of analyst research reports at Raffles Medical Analyst Report.

Relevant links:
Raffles Medical Share Price History,
Raffles Medical Announcements,
Raffles Medical Dividends & Corp Actions,
Raffles Medical News Articles


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