- Raffles Medical (SGX:BSL)'s 1H25 revenue and PATMI were within our expectations at 48%/45% of our FY25e estimates respectively. Revenue growth was softer, largely driven by insurance services.
- - Read this at SGinvestors.io -
The Positive
Insurance closer to profitability.
- Insurance reported a narrower 1H25 loss of S$3.1mil (1H24: -S$6.5mil). The improved profitability in insurance is due to stricter assessment of claims. The industry is similarly tightening on fraud, waste, and abuse (FWA).
The Negative
Slower revenue growth.
- - Read this at SGinvestors.io -
Outlook
- We expect stable revenue growth in FY25e. Driving revenues will come from increased revenue intensity from more complex procedures or raising prices to offset the expected rise in staff costs. China requires a larger volume of patients due to its large capacity. To increase the number of visiting specialists, Raffles is collaborating with Shanghai’s Renji Hospital and Chongqing’s First Affiliated Hospital
Downgrade to NEUTRAL from ACUMULATE recommendation with unchanged target price S$1.02
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2025-07-31
Read also Phillip's most recent report:
2026-02-25 Raffles Medical - Sluggish Growth.
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
