Raffles Medical - Phillip Securities 2025-07-31: Returning Capital While Waiting For China

• 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.
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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.

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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

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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/.

Read also Phillip's most recent report:
2026-02-25 Raffles Medical - Sluggish 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