Raffles Medical - RHB Research 2026-01-23: Earnings Growth To Sustain After Returning In 2H25

• Raffles Medical (SGX:BSL) offers exposure to a high-quality Singapore healthcare compounder with improving earnings visibility.
• We expect a return to growth in 2H25 and mid-teens expansion in 2026–2027, driven by a Singapore hospital recovery, an easing China drag, and stronger insurance earnings. Market efficiency initiatives and an iEdge Singapore Next 50 Index inclusion should support institutional demand, alongside share buybacks and dividends.
• - Read this at SGinvestors.io -

Expectations for 2025 results.

• Raffles Medical will announced its 2025 results on 23 Feb (morning). See Earnings Calendar.
• After two years of decline, we expect a return of growth, with 16% y-o-y core PATMI growth in 2H25 driven by:
  1. Continued recovery at the Singapore hospital and
  2. narrowing of the drag from its China operations.
• We expect momentum to extend into 2026–2027 with core PATMI growth of 14% and 17% respectively, supported by improving contribution from its China operations and a gradual return to sustained profits in the insurance business.
• Our 2026–2027 forecasts are above consensus.

MOH IP rider changes and RFMD’s hospital business.

• 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/.

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

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