$Raffles Medical(BSL.SI) - Sign of stronger pulse
• 1Q18 Revenue/PATMI met 23.5%/23.1% of our full year expectations
• Stronger performance on uptick in private healthcare service demand in 1Q18
• New capacities in Singapore and China to meet growing regional healthcare needs
• Maintained Accumulate with unchanged TP of S$1.32


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$Raffles Medical(BSL.SI) : China and Insurance the next pillars
• 3Q18 Revenue and PATMI missed our estimates by 5% and 6% respectively.
• Higher revenue contribution from clinics of 8.0% YoY was offset by a fall of 3.8% from hospital services.
• Cost was well contained with lower staff costs. Despite softer revenue growth, margins expanded.
• China Chongqing hospital slated open before the end of 2018.9M18 Revenue/Core PATMI met 73%/76% of our full year estimations
• Maintain ACCUMULATE with lower DCF-derived TP of S$1.16 (previous TP S$1.32). We trim our FY18-19e revenue estimates by 3-9% to account for slower Singapore revenue growth.


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$Raffles Medical(BSL.SI) - Expenses coping well to softer conditions
- 2Q18 PATMI was within expectations, but revenue trending below our estimates
- Cost is coping well with the softer revenue growth as margins expanded
- Clinic revenues rising but offset by softer hospital revenues
- Maintain Accumulate with unchanged TP of S$1.32. Our earnings forecast is unchanged.


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$Raffles Medical(BSL.SI) - New capacity to fuel growth
 FY17 Revenue/Adjusted PATMI were in line with our full year expectations
 Beneficiary of MOH’s initiatives with new capacity to meet growing demand
 Declared higher final dividend of 1.75 cents (Full year dividend of 2.25 cents, +12.5% YoY)
 Maintained ACCUMULATE with unchanged TP of S$1.32


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