- Raffles Medical (SGX:BSL)'s FY25 revenue and PATMI were within expectations at 96%/97% of our FY25e estimates, respectively. 2H25 adjusted PATMI grew 4% y-o-y to S$36.4mil. Revenue in China and healthcare services contracted in 2H25. FY25 dividends rose 20% to 3 cents (84% payout).
- - Read this at SGinvestors.io -
The Positive
Rebound in hospital services.
- Hospital services grew 9% in PBT in 2H25 to S$23.4mil. Several reasons were given for the growth – higher prices, new specialist offerings, insurance channelling more patients and lumpy corporate accounts.
The Negative
Weaker China.
- - Read this at SGinvestors.io -
- Raffles is working with government teaching hospitals to allow specialists to practise several times a week. The required scale and regularity are still lacking.
Outlook
- Read more at SGinvestors.io.
