Raffles Medical Group - DBS Research 2023-02-28: Reaching A Near-Term Peak

• Raffles Medical (SGX:BSL)'s FY22 earnings grew 71%y-o-y to S$144m, above our estimates, a record-breaking set of results led by return of both local and foreign patients despite tapering of contributions from COVID-19 related services.
• - Read this at SGinvestors.io -
• Healthcare services has doubled that of pre-COVID (2H19 revenue) while we estimate hospital services should be close to pre-COVID levels. Similar trends observed, 2H22 EBTIDA +50% y-o-y to S$129m. 2H22 EBITDA margins expanded to 34%, highest EBITDA margins achieved. 2H22 earnings +87% h-o-h to S$84m.
• 2H22 revenue from Singapore and Greater China were relatively stable +1% y-o-y and -1% y-o-y respectively while the rest of Asia grew 14% y-o-y.
• - Read this at SGinvestors.io -

Raffles Medical – Key business updates / highlights

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-02-25 Raffles Medical - Strong Capital Management Signal.

Previous report by DBS:
2024-07-29 Raffles Medical - Further Normalisation Of Healthcare Services.

Price targets by 4 other brokers at Raffles Medical Target Prices.

Listing of research reports at Raffles Medical Analyst Reports.

Relevant links:
Raffles Medical Share Price History,
Raffles Medical Announcements,
Raffles Medical Dividend Payout Dates & Corporate Actions,
Raffles Medical News