RHB Singapore Results Review
27 February 2018
Lacklustre Outlook Due To Prevailing Headwinds
Raffles Medical Group booked a FY17 PATMI of SGD70.8m, ie slightly below our estimate. This was from a slower-than-expected turnaround in MCH Holdings, a decline in its healthcare services revenue, as well as a longer-than-expected rent-free period for its Holland V Medical Centre. We trim FY18-19F earnings by 5-10% respectively, as existing headwinds still prevail. Stay NEUTRAL, with a SGD1.02 TP (from SGD1.10, 7% downside).
<< Find the latest in-depth research reports by logging into your RHB Invest account at www.rhbinvest.com.sg >>