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 2022-02-22
Read also CGS-CIMB's most recent report:
2022-11-01 Raffles Medical - In The Pink Of Health.
Previous report by CGS-CIMB:
2022-10-24 Raffles Medical Group - Not Stepping Down On COVID-19 Efforts.