- 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
Previous report by Phillip:
2023-08-02 Raffles Medical - Margins Still At Record Levels.
Price targets by 5 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
