Raffles Medical Group's Near-Term Earnings Prospects Seem Lackluster -- Market Talk

Dow Jones02-28

0722 GMT - Raffles Medical Group's near-term earnings prospects seem lackluster after posting worse-than-expected 2023 results, Phillip Securities Research analyst Paul Chew says in a commentary. The Singapore-listed medical services provider's earnings margins are unlikely to recover in the near term, given price pressures from traditional care facilities will linger owing to aggressive competition, the analyst says. Also, Raffles Medical faces weakness in foreign patient volumes owing to strong SGD, cheaper alternatives, and improved healthcare services in Asia, the analyst adds. The brokerage lowers the stock's target price to S$0.96 from S$1.02 and maintains a neutral rating. Shares are 1.0% higher at S$1.03. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 28, 2024 02:22 ET (07:22 GMT)

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Also, Raffles Medical faces weakness in foreign patient volumes owing to strong SGD, cheaper alternatives, and improved healthcare services in Asia, the analyst adds. The brokerage lowers the stock's target price to S$0.96 from S$1.02 and maintains a neutral rating. Shares are 1.0% higher at S$1.03. 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