Raffles Medical - DBS Research 2025-07-29: China Growth Story Worth The Long Shot

• Raffles Medical (SGX:BSL) reported 1H25 PATMI of S$32.1mil (4.8% y-o-y) on revenue of S$378.4mil (+3.5% y-o-y), albeit slightly below expectations due to operating losses at RHI (Raffles Health Insurance) and slower-than-anticipated growth in China. 1H25 revenue and earnings account for 49% and 48% of our revised full-year estimates, respectively.

Resilient operating performance across core segments.

• - Read this at SGinvestors.io -
• Notably, losses at RHI were down sharply y-o-y to S$3.1mil, from S$6.4mil in 1H24, due to tighter claims adjudication and expense controls, though we note that RHI reversed to losses h-o-h from breakeven in 2H24 due to upfront recognition of expenses. The PBT margin of healthcare services was also down 2ppt due to fx losses of S$1.7mil in relation to the US$, and lower wage credit payouts.
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Strong core performance in Singapore is likely to be maintained, although insurance segment earnings may have variances.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-02-24 Raffles Medical - Resilient Singapore Core Anchors The Next Phase Of Growth.

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