Raffles Medical's Earnings Growth Prospects Face Headwinds -- Market Talk

Dow Jones02-27

0617 GMT - Raffles Medical Group's earnings growth prospects still face risks following its weak 2H results, RHB Research analyst Shekhar Jaiswal says in a research note as RHB lowers the stock's target price to S$1.06 from S$1.15 with an unchanged neutral rating. These risks consist of higher-than-estimated operating costs, likely weak foreign patient load, and continuing losses from the Singapore-listed medical provider's insurance business, the analyst says. Wage pressures on Raffles Medical are expected to continue as it plans to hire more staff to grow its operations, the analyst adds. RHB lowers its 2024-2025 earnings estimates for Raffles Medical by 7%-8%. Shares are 1.0% higher at S$1.02. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 27, 2024 01:17 ET (06:17 GMT)

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