Raffles Medical Group Ltd

  • TickerRFMD
Kwanchai Atiphophai ... (+7)
  • Kwanchai Atiphophai
  • Llelleythan Tan Tan
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Stevanus Juanda
  • Chun Sung Oong
  • Julia Pan Mengyao

Regional Morning Notes - Tuesday, October 12, 2021

GREATER CHINA Update Edvantage Group (382 HK/BUY/HK$4.65/Target: HK$8.00): Attractive valuation underpinned by favourable growth outlook. INDONESIA Update Ace Hardware Indonesia (ACES IJ/HOLD/Rp1,405/Target: Rp1,300): Recovery is fully priced in with 2022 EPS level near all-time high and +1SD PE. MALAYSIA Sector Plantation: Recovery in productivity is behind expectation due to a shortage of workers, a lack of fertiliser and erratic weather. SINGAPORE Asian Gems Corporate Highlights Raffles Medical Group (RFMD SP/BUY/S$1.46/Target: S$1.66): Nine new reasons to increase PCR swab testing. THA...

Llelleythan Tan Tan
  • Llelleythan Tan Tan

Raffles Medical Group (RFMD SP) - Nine new reasons to increase PCR Swa...

RFMD has been a beneficiary of the ongoing COVID-19 situation in Singapore. In-patient volumes have already exceeded pre-COVID-19 levels due to high domestic patient load. With nine new VTLs, RFMD stands to benefit from its exclusive contract with Changi Airport Group for on-arrival PCR testing. Operations in China are ramping up and are expected to break even in the coming years. Maintain BUY with a slightly higher target price of S$1.66 (previously: S$1.43).

Llelleythan Tan Tan
  • Llelleythan Tan Tan

Singapore Daily - Tuesday, October 12, 2021

KEY HIGHLIGHTS Asian Gems Corporate Highlights Raffles Medical Group (RFMD SP/BUY/S$1.46/Target: S$1.66): Nine new reasons to increase PCR swab testing. TRADERS’ CORNER China Aviation Oil Singapore (CAO SP): Trading Buy Hong Leong Asia (HLA SP): Trading Buy

Lucas Teng Yao Yang
  • Lucas Teng Yao Yang

Raffles Medical Group (RFMD SP) - Above expectations; Boosted by testi...

RFMD reported 1H21 net profit of S$39.4m, up 129% yoy from a low base. While the group benefitted from COVID-19-related services, including vaccination centres and testing services, domestic operations were also impressively steady. The group continues to grow its China operations gradually with the opening of the Shanghai hospital, which we view favourably given its potential for higher billing intensity. Maintain BUY with a higher DCF-based target price of S$1.43.

John Cheong Ming Chern ... (+2)
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang

Singapore Daily - Friday, June 11, 2021

KEY HIGHLIGHTS Update Raffles Medical Group (RFMD SP/BUY/S$1.14/Target: S$1.27): Life in an endemic. TRADERS’ CORNER CapitaLand (CAPL SP): Trading Buy ComfortDelGro Corp (CD SP): Trading Buy

Kwanchai Atiphophai ... (+7)
  • Kwanchai Atiphophai
  • Llelleythan Tan Tan
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Stevanus Juanda
  • Chun Sung Oong
  • Julia Pan Mengyao

Regional Morning Notes - Tuesday, October 12, 2021

GREATER CHINA Update Edvantage Group (382 HK/BUY/HK$4.65/Target: HK$8.00): Attractive valuation underpinned by favourable growth outlook. INDONESIA Update Ace Hardware Indonesia (ACES IJ/HOLD/Rp1,405/Target: Rp1,300): Recovery is fully priced in with 2022 EPS level near all-time high and +1SD PE. MALAYSIA Sector Plantation: Recovery in productivity is behind expectation due to a shortage of workers, a lack of fertiliser and erratic weather. SINGAPORE Asian Gems Corporate Highlights Raffles Medical Group (RFMD SP/BUY/S$1.46/Target: S$1.66): Nine new reasons to increase PCR swab testing. THA...

Llelleythan Tan Tan
  • Llelleythan Tan Tan

Raffles Medical Group (RFMD SP) - Nine new reasons to increase PCR Swa...

RFMD has been a beneficiary of the ongoing COVID-19 situation in Singapore. In-patient volumes have already exceeded pre-COVID-19 levels due to high domestic patient load. With nine new VTLs, RFMD stands to benefit from its exclusive contract with Changi Airport Group for on-arrival PCR testing. Operations in China are ramping up and are expected to break even in the coming years. Maintain BUY with a slightly higher target price of S$1.66 (previously: S$1.43).

Llelleythan Tan Tan
  • Llelleythan Tan Tan

Singapore Daily - Tuesday, October 12, 2021

KEY HIGHLIGHTS Asian Gems Corporate Highlights Raffles Medical Group (RFMD SP/BUY/S$1.46/Target: S$1.66): Nine new reasons to increase PCR swab testing. TRADERS’ CORNER China Aviation Oil Singapore (CAO SP): Trading Buy Hong Leong Asia (HLA SP): Trading Buy

Lucas Teng Yao Yang
  • Lucas Teng Yao Yang

Raffles Medical Group (RFMD SP) - Above expectations; Boosted by testi...

RFMD reported 1H21 net profit of S$39.4m, up 129% yoy from a low base. While the group benefitted from COVID-19-related services, including vaccination centres and testing services, domestic operations were also impressively steady. The group continues to grow its China operations gradually with the opening of the Shanghai hospital, which we view favourably given its potential for higher billing intensity. Maintain BUY with a higher DCF-based target price of S$1.43.

John Cheong Ming Chern ... (+2)
  • John Cheong Ming Chern
  • Lucas Teng Yao Yang

Singapore Daily - Friday, June 11, 2021

KEY HIGHLIGHTS Update Raffles Medical Group (RFMD SP/BUY/S$1.14/Target: S$1.27): Life in an endemic. TRADERS’ CORNER CapitaLand (CAPL SP): Trading Buy ComfortDelGro Corp (CD SP): Trading Buy

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