Raffles Medical Group - RHB Research 2025-02-25: Expecting Steady Improvements

• Raffles Medical continues to explore new growth opportunities in the region amidst structural growth headwinds in Singapore. We see the commitment to pay at least 50% of earnings as dividends and to buy back 100m shares over the next two years as positives.
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• Raffles Medical’s below-peer valuation seems justified by below-peer-average margin and ROE.

Raffles Medical's 2024 results.

• Raffles Medical's 2024 core PATMI was 6% below our estimate amidst higher costs.
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• policy to pay at least 50% of annual earnings as dividends,
• plans to buy back up to 100m shares over two years (5.3% of outstanding shares),
• insurance reporting a segment PBT of S$0.14m in 2HFY24 (2H23 loss of S$5.8m, 1H24 loss of S$6.5m), and
• 14% y-o-y and h-o-h China revenue growth in 2HFY24.

Business updates.

• 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.

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