Raffles Medical - RHB Invest 2024-06-05: No Near-Term Catalysts, New ESG Data

• While 2024 earnings growth will be driven by improvements in Raffles Medical (SGX:BSL)’s Singapore operations and lower losses from its China unit, longer-term earnings will be driven by its China operations, which are a few years away from breaking even in EBITDA terms.
• - Read this at SGinvestors.io -
• We see risks of higher operating costs amidst a tight labour market for skilled healthcare workers, a still-low foreign patient load, and losses from the health insurance unit.

Acknowledgement of increased regional competition.

• At its latest AGM, Raffles Medical acknowledged, in response to shareholders’ questions, that the appreciation of the S$ vs regional currencies has impacted Singapore's position as a medical hub, as it enabled certain healthcare service providers in neighbouring countries to take advantage of this situation.
• - Read this at SGinvestors.io -

Chairman has been increasing his stake in Raffles Medical.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-23 Raffles Medical - Earnings Growth To Sustain After Returning In 2H25.

Previous report by RHB:
2025-02-25 Raffles Medical Group - Expecting Steady Improvements.

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 Dividend Payout Dates & Corporate Actions,
Raffles Medical News