Raffles Medical Group - CGS-CIMB Research 2023-06-30: Not Just A COVID-19 Beneficiary

• Raffles Medical (SGX:BSL)’s healthcare services segment’s EBITDA margins averaged ~9.3% between FY15-19 (pre-COVID) but expanded from FY20 to reach 37.5% as of FY22, with margins reaching a peak of 44.2% in 2H22. This is on the back of S$161.7m in revenue from its major customer in FY22, which we believe to be the Ministry of Health (MOH), given Raffles Medical’s various COVID-19-related activities over the past 3 years in support of the Singapore government’s efforts during the pandemic.
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• On the other hand, Raffles Medical’s hospital services segment’s EBITDA margin had declined from an average of ~25.9% between FY14-18 to 20.1% in FY19 after the opening of its hospital in Chongqing, China, and even lower to 12.1% in FY22 after the opening of its hospital in Shanghai in 2H22, on relatively stable revenue.
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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/.

Read also CGS-CIMB's most recent report:
2023-11-07 Raffles Medical - A Confluence Of Headwinds In 3Q23.

Previous report by CGS-CIMB:
2023-08-01 Raffles Medical - Likely A New Net Profit Run-Rate.

Price targets by 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