- We see several tailwinds emerging that will continue to underpin Raffles Medical (SGX:BSL)’s FY23E earnings even after the group delivered an exceptional FY22. The recent spike in COVID-cases and retention of transitional care facilities (TCFs) suggest that there could be some upside surprises to our EPS estimates and street forecasts.
- - Read this at SGinvestors.io -
- Maintain BUY rating and a DCF-based target price of S$1.65 for Raffles Medical (LTG: 3%, COE: 8%).
- Raffles Medical remains our preferred pick in the healthcare sector.
Public bed capacity tested by rising COVID-19 cases
- - Read this at SGinvestors.io -
- That said, MOH revealed that no cases of XBB.1.16 have been detected in Singapore so far. XBB.1.16 is the emerging, predominant Omicron subvariant that has been reported in India.
- According to Health Minister Ong Ye Kung, public hospital bed occupancy has risen to 93.1% in 2022, from 87.6% in pre-COVID 2019, largely driven by longer stays.
Limited bed supply to support hospital growth
- Read more at SGinvestors.io.
