Raffles Medical - DBS Research 2026-02-24: Resilient Singapore Core Anchors The Next Phase Of Growth

• Raffles Medical (SGX:BSL) reported FY25 revenue of S$765.3mil (+1.8% y-o-y) and PATMI of S$70.6mil (+13.4%). Revenue was broadly in line with our estimates while PATMI was slightly ahead of our estimates given a S$4.7mil fair value gain on investment properties (PATMI would have been in line excl fair value gains).

Resilient Singapore core anchors FY25, alongside stronger insurance profitability.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Meanwhile, Raffles Health Insurance saw topline grow 4.2% while PBT margin also improved to - 1.7% vs -3.6% the prior year on the back of contract repricing, new contracts, disciplined claims management, and prudent expense control.
• The board has proposed a final dividend of 3.0 Scents (84% payout ratio) vs 2.5 cents the prior year.

A resilient Singapore base underpins expansion while China and insurance drive the next leg of growth.

• Read more at SGinvestors.io.

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/.

Previous report by DBS:
2025-07-29 Raffles Medical - China Growth Story Worth The Long Shot.

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