Raffles Medical - UOB Kay Hian 2024-02-27: Weaker 2023 Margins In Line With Expectations; Headwinds Persist

Raffles Medical - Weaker 2023 Margins In Line With Expectations; Headwinds Persist

Published:
Raffles Medical (SGX:BSL) | SGinvestors.ioRaffles Medical (SGX:BSL)
  • 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.
  • - Read this at SGinvestors.io -
  • 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.
  • - Read this at SGinvestors.io -
  • 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.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.



Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-02-27



Read also UOB's most recent report:
2025-02-25 Raffles Medical - 2024 Results In Line; Share Buyback Announced.

Previous report by UOB:
2024-07-30 Raffles Medical - 1H24 Results Slightly Below Expectations, Margins Remain Soft.

Price targets by 4 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






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