Raffles Medical Group - UOB Kay Hian 2023-02-28: 2022 Exceptional Year In Singapore, China Next

Raffles Medical Group - 2022 Exceptional Year In Singapore, China Next

  • Raffles Medical reported a record-high PATMI of S$143.5m (+70.5% y-o-y) in 2022, driven by better cost efficiency and margins.
  • With the removal of COVID-19 measures in Singapore, healthcare services outperformed as more patients returned to clinics. The domestic hospital segment is set to recover from the return of elective surgeries and foreign patients.
  • - Read this at SGinvestors.io -
  • Maintain BUY rating on Raffles Medical with a higher target price of S$1.85.

Record year from COVID-19.

  • Raffles Medical (SGX:BSL) announced record 2022 revenue and PATMI of S$766.5m (+5.9% y-o-y) and S$143.5m (+70.5% y-o-y), forming 99.0% and 107.2% of our full-year forecasts respectively.
  • - Read this at SGinvestors.io -
  • Backed by better cost control, deployment of manpower, along with lower inventories and consumables, operating profit grew 61.4% y-o-y as operating margins expanded 8.8ppt y-o-y. However, moving forward, we expect operating margins to contract slightly in 2023, dragged by higher inflationary cost push and an ongoing shortage of healthcare workers in Singapore.
  • Similar to operating profit, PATMI surged above our expectations as net margins expanded 7.1ppt y-o-y.

Increased final dividend and robust balance sheet.

  • Read more at SGinvestors.io.

Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.

Llelleythan Tan UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-02-28

Read also UOB's most recent report:
2023-09-08 Raffles Medical - Margins To Compress; No Updates On TCF Tender.

Previous report by UOB:
2023-08-01 Raffles Medical - Softer 1H23 Results In Line Coming Off COVID-19 Peak.

Price targets by 3 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 Dividends & Corporate Actions,
Raffles Medical News Articles


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