RHB Singapore Results Review
1 August 2017
Bear For a Couple More Years
Post analyst briefing, we understand from management that its hospitals in China would likely take three years to reach a positive EBITDA. We now turn bearish on Raffles Medical as near-term growth is mainly supported by rental income instead of organic growth; therefore we think there is a lack of an upside catalyst in the near term. Downgrade to SELL with a DCF-derived TP SGD1.10 (from SGD1.49) implying 14% downside.
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