$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
Raffles Medical Group Ltd: Sign of stronger pulse
Outlook remains positive despite medium-term margin pressures from higher staff costs and start-up costs from the gestation of its two new China hospitals.