- Raffles Medical’s 1H23 profit was in line with our estimates. BUY with S$1.75 target price, 25% upside from the current Raffles Medical's share price and ~3% FY23F yield.
- - Read this at SGinvestors.io -
- We maintain that continuing to operate the current TCF and likely winning new TCF operations will be positive in the near term and the gradual ramp-up of the China business should drive longer-term revenue growth.
- Raffles Medical's valuation remains compelling compared to that of regional peers.
1H23 results were in line with expectations.
- - Read this at SGinvestors.io -
- Due to the adoption of SFRS (I) 17, the insurance business is now reported as a separate segment, which gives greater clarity and visibility to the healthcare business earnings and margins, from which it has been carved out.
- Hospital revenue of S$140m (+8% y-o-y) was supported by the return of some foreign patients and a gradual return of business activities in its China hospitals. Revenue from China grew 16% y-o-y to S$29m.
Takeaways from analyst briefing.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-08-01
Read also RHB's most recent report:
2024-07-30 Raffles Medical - 1H24 Numbers Below Expectations.
Previous report by RHB:
2024-07-01 Raffles Medical - Lukewarm Investor Response.
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 Dividends & Corporate Actions,
Raffles Medical News Articles
