Raffles Medical - RHB Research 2026-07-06: Attractive Entry Point Ahead Of Results; Keep BUY

• We believe the recent de-rating is an attractive entry point ahead of Raffles Medical (SGX:BSL)’s 1H26 results (27 Jul). This is underpinned by:

  1. - Read this at SGinvestors.io -
  2. the new Integrated Shield Plan rider regulations to be structurally positive for Raffles Health Insurance (RHI), and
  3. Raffles Medical's share price trades at a discount to its ASEAN healthcare peers (P/E and EV/EBITDA) despite strong earnings visibility.

Check-in time for China.

• China accounts for ~31% of Raffles Medical's non-current assets but contributes only ~9% of group revenue, underscoring the importance of improving asset productivity. The group’s Beijing hospital is already profitable, while Shanghai and Chongqing remain in the ramp-up phase. Management has refocused on China's affluent domestic population, which is the top 30% of consumers seeking premium healthcare, thereby expanding its addressable market well beyond the expatriate segment.

• - Read this at SGinvestors.io -

Insurance reforms: An overlooked earnings catalyst.

• Read more at SGinvestors.io.

Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2026-07-06

---

---

---