RAFFLES MEDICAL GROUP LTD
BSL.SI
Raffles Medical - Maintain BUY recommendation with TP SGD1.70
- We continue to like Raffles Medical despite slowing medical tourism receipts in Singapore as the Group is expanding its operations beyond Singapore.
- Construction of its Shanghai Hospital is expected to complete in 1H18. In addition, it is exploring opportunities to expand in Beijing and Shenzhen.
- In Singapore, the current Raffles Hospital is operating at an optimal utilisation rate of about 70%. Hence, we expect to see increase patient loads when the construction of Raffles Hospital Extension completes in 1H17.
- Raffles Medical is currently trading at 29x FY17F P/E. We maintain our BUY recommendation with TP SGD1.70, implying 32x FY17F P/E.
Juliana Cai
RHB Invest
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http://www.rhbinvest.com.sg/
2016-10-17
RHB Invest
SGX Stock
Analyst Report
1.70
Same
1.70
