RHB Singapore Results Review
31 October 2017
Uninspiring Set Of Results
Raffles Medical recorded another flat quarter. 3Q17 PATMI came in at SGD16.4m (+1% YoY). However, given that its share price has dropped 18% since the poor set of results last quarter, we upgrade our recommendation to NEUTRAL (from Sell) with an unchanged DCF-derived TP of SGD1.10 (4% downside). The Singapore healthcare market is rather matured. As such, the timeline to the turnaround of the new Chinese hospitals is the key swing factor to its future earnings.
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