Raffles Medical - UOB Kay Hian 2026-02-24: Expect Steady Performance While Waiting For Turnaround Of China Hospitals

• Raffles Medical (SGX:BSL) reported net profit rose 13.4% y-o-y to S$70.6m in 2025, supported by one-off items including a S$4.7m fair value gain on investment properties. Excluding the one-off items, core net profit of S$67.3m (+2.8% y-o-y), was in line with our expectations, at 100% of our full-year forecast.

Overall lacklustre 2H25 core performance.

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Performance of key business divisions - a mixed bag.

Hospital service:

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• price escalation done in 2H25 to pass through more cost inflation to end-customers, and
• more specialist services introduced.
• Its China hospital portfolio also recorded a modest low single-digit revenue growth, driven by increasing patient volume.

Healthcare service:

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-07-29 Raffles Medical - 1H25 Results A Slight Miss; Remain Hopeful For A China Turnaround In 2026..

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