- Raffles Medical reported sharply lower PATMI of S$90.2m (-37.1% y-o-y) but was in line with expectations. The hospital operations reported a robust performance driven by increased patient intake and cost pass-through, offset by the impact of the strong Singapore dollar.
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- Raffles Medical’s China operations continue to perform better as patient load ramps up.
2023 results marginally above expectations; lower dividend declared.
- Raffles Medical (SGX:BSL) reported lower 2023 revenue and PATMI of S$706.9m (-14.1% y-o-y) and S$90.2m (-37.1% y-o-y), beating our full-year forecasts by 7% and 5% respectively.
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- For 4Q23, it was noted that net profit grew 47.3% q-o-q to S$18m, on the back of better contributions from the hospital segment.
- Moving into 2024, we reckon that Raffles Medical's earnings have bottomed out in 4Q23 and would improve sequentially in 1H24.
- A total final dividend of 2.4 cents was declared for 2023 (2022: 3.8 cents), maintaining a ~50% dividend payout ratio and an annual dividend yield of around 2.4%.
Margins likely to remain soft.
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