@CIMB_Securities
CIMB Fundamental View - Company Note: $Raffles Medical(BSL)
(REDUCE, tp:S$1.36) - Post analyst briefing update: Margins could yet worsen

■ We think it is still too premature to start turning positive on RFMD. Both 4Q16 topline and bottomline were weak, and costs could yet intensify.
■ Weak medical tourism, limited domestic growth and expansion costs are hitting the group’s hospital segment. Hospital saw its first ever PBT decline in FY16 (-3% yoy).
■ Losses at ISOS are also widening and route to profitability could take longer than expected.
■ We cut our EPS on slower sales growth and lower margins. Accordingly, our SOPbased TP falls to S$1.36. Maintain Reduce.

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@CGS_CIMB_Securities
CIMB Fundamental View Company Note (25 Feb 2019) - $Raffles Medical(BSL.SI)
(Maintain HOLD tp $1.19) - All eyes on Chongqing in 1Q19F

■ FY18 core PATMI of S$67.7m (flat yoy) met consensus expectations but was slightly above ours; EBITDA up 7.8% yoy on higher operating leverage.
■ YTD patient volumes at Chongqing hospital still not meaningful due to festive holidays, but start-up costs are within initial guidance of S$8m-10m.
■ We keep our Hold call with an unchanged TP; better cost visibility in 1Q19F.

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@CGS_CIMB_Securities
CIMB Fundamental View Company Flash Note (29 Oct 2018) - $Raffles Medical(BSL.SI)
(Maintain HOLD tp $1.19) - 3Q18: more pain before gain

■ 3Q18 core net profit of S$16.4m was stable yoy and within expectations.
■ While we expect little growth from Singapore operations, we are positive on its China expansion plans and the new insurance arm in the longer term.
■ Maintain Hold due to possible higher start-up losses in the coming quarters.

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@CGS_CIMB_Securities
CIMB Fundamental View Company Note (7 Aug 2018) - $Raffles Medical(BSL.SI)
(Maintain HOLD tp $1.19) - 2QFY18: sustained by local demand

■ 2Q18 PATMI of S$16.9m was in line; up 0.8% yoy on staff and consumables’ cost savings.
■ Healthcare services revenue rose 5.4% yoy due to new screening contract and addition of corporate customers, with potential boost from e-Commerce services.
■ Hospital services revenue fell 2.3% yoy on the back of medical tourism weakness, but local patient load held steady. ■ Introduction of “Raffles Shield” and NTUC partnership could offer earnings upside, depending on take-up rate and underwriting profitability.
■ Maintain Hold till further visibility, with slightly lower SOP-based TP of S$1.19.

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@CIMB_Securities
CIMB Fundamental View Company Note (30 April 2018) - $Raffles Medical(BSL.SI)
(Downgrade to HOLD tp S$1.24) - 1Q18: Hold for longer-term growth

■ RFMD’s 1Q18 core net profit of S$15.8m was within our/consensus expectations.
■ Domestic patient strength and new screening contract were the main topline drivers, but partially offset by higher costs from inventory, depreciation and staff.
■ 10% of the hospital extension leased out, with 15 specialist centres relocated there.
■ China operations on track; we expect to see the bulk of staff hiring in 3Q18.
■ With limited upside and upcoming gestation costs, we downgrade from Add to Hold.

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@CIMB_Securities
CIMB Technical Trading Views (17 April 2018)

1) $Raffles Medical(BSL.SI); BUY - Maintain Buy; anticipating a breakout. (Review 2: -0.86% since 1st BUY call on 09/03).
Strategy: Pls read.

2) $SingMedical(5OT.SI); SELL - Maintain Short-sell; on rebound. (Review 2:-1.94% since 1st Short-SELL call on 06/03).
Strategy: Pls read

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