Raffles Medical Group - Phillip Securities 2023-11-08: Pressure Points Everywhere

Raffles Medical Group - Pressure Points Everywhere

Raffles Medical (SGX:BSL) | SGinvestors.ioRaffles Medical (SGX:BSL)
  • Raffles Medical Group (SGX:BSL)'s 3Q23 revenue and PAT collapsed 25% and 67% y-o-y, respectively. Results were below expectations. 9M23 revenue and PATMI were 70%/51% of our FY23 estimates.
  • - Read this at SGinvestors.io -
  • We cut our FY23e revenue and profit forecast for Raffles Medical by 6% and 34%, respectively. We downgrade our recommendation for Raffles Medical from BUY to NEUTRAL.
  • Our DCF target price for Raffles Medical is cut to S$1.02 (previously S$1.76).
  • - Read this at SGinvestors.io -
  • Softer margins at the transitional care facilities (TCF) due to competition;
  • Elevated start-up cost in the China hospital;
  • Higher insurance claims as customer visits normalise.

The Positive

Healthy cash flow.

  • Read more at SGinvestors.io.

Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.

Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-08

Read also Phillip's most recent report:
2024-02-28 Raffles Medical - Lacklustre Near-Term.

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


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