Recent Insider Transactions • May 21
Executive Chairman & CEO recently bought S$496k worth of stock On the 18th of May, Choon Yong Loo bought around 522k shares on-market at roughly S$0.95 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.8m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$2.6m worth in shares. Upcoming Dividend • May 05
Upcoming dividend of S$0.03 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Singaporean dividend payers (5.0%). Higher than average of industry peers (2.7%). Board Change • Apr 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Non-Executive & Non-Independent Director David Lu was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 05
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: S$0.038 (up from S$0.034 in FY 2024). Revenue: S$765.6m (up 1.7% from FY 2024). Net income: S$70.6m (up 13% from FY 2024). Profit margin: 9.2% (up from 8.3% in FY 2024). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 3.5%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Mar 08
Executive Chairman & CEO recently bought S$1.8m worth of stock On the 4th of March, Choon Yong Loo bought around 2m shares on-market at roughly S$1.01 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Choon Yong's only on-market trade for the last 12 months. Announcement • Feb 24
Raffles Medical Group Ltd Proposes Ordinary (One-Tier Tax Exempt) Dividend for the Financial Year Ended 31 December 2025, Payable on 22 May 2026 Raffles Medical Group Ltd. announced that subject to shareholders' approval of the payment of the final dividend at the Annual General Meeting scheduled for 24 April 2026, the Share Transfer Books and the Register of Members of the company will be closed on 14 May 2026, for determining of shareholders' entitlements to the ordinary (one-tier tax exempt) dividend of 3.0 Singapore cents per ordinary share (Dividend) for the financial year ended 31 December 2025. Registrable transfers received by the Company's Registrar, Boardroom Corporate & Advisory Services Pte Ltd, up to the close of business at 5.00 p.m. on 13 May 2026 (Record Date) will be registered for the Dividend. This Dividend is payable on 22 May 2026 to shareholders registered in the Share Transfer Books and the Register of Members of the Company as at 5.00 p.m. on the Record Date. Announcement • Feb 23
Raffles Medical Group Ltd, Annual General Meeting, Apr 24, 2026 Raffles Medical Group Ltd, Annual General Meeting, Apr 24, 2026. Reported Earnings • Feb 23
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: S$0.038 (up from S$0.034 in FY 2024). Revenue: S$770.9m (up 2.5% from FY 2024). Net income: S$70.6m (up 13% from FY 2024). Profit margin: 9.2% (up from 8.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 3.5%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Jan 30
Raffles Medical Group Ltd to Report First Half, 2026 Results on Jul 28, 2026 Raffles Medical Group Ltd announced that they will report first half, 2026 results on Jul 28, 2026 Announcement • Jan 16
Raffles Medical Group Ltd to Report Fiscal Year 2025 Results on Feb 23, 2026 Raffles Medical Group Ltd announced that they will report fiscal year 2025 results Pre-Market on Feb 23, 2026 Recent Insider Transactions Derivative • Sep 17
Board Member exercised options to buy S$253k worth of stock. On the 16th of September, Tse Ghow Lim exercised options to buy 250k shares at a strike price of around S$0.81, costing a total of S$202k. This transaction amounted to 48% of their direct individual holding at the time of the trade. Since September 2024, Tse Ghow has owned 526.02k shares directly. Company insiders have collectively bought S$7.5m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jul 29
First half 2025 earnings released: EPS: S$0.017 (vs S$0.017 in 1H 2024) First half 2025 results: EPS: S$0.017 (in line with 1H 2024). Revenue: S$378.4m (up 3.5% from 1H 2024). Net income: S$32.1m (up 4.8% from 1H 2024). Profit margin: 8.5% (up from 8.4% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Jul 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.3% net profit margin). Announcement • Jun 24
Raffles Medical Group Ltd to Report First Half, 2025 Results on Jul 28, 2025 Raffles Medical Group Ltd announced that they will report first half, 2025 results on Jul 28, 2025 Upcoming Dividend • May 06
Upcoming dividend of S$0.025 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Singaporean dividend payers (5.9%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 06
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: S$0.034 (down from S$0.048 in FY 2023). Revenue: S$752.4m (up 6.3% from FY 2023). Net income: S$62.2m (down 31% from FY 2023). Profit margin: 8.3% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 26
Dividend increased to S$0.025 Dividend of S$0.025 is 4.2% higher than last year. Ex-date: 13th May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: S$0.034 (down from S$0.048 in FY 2023). Revenue: S$751.6m (up 6.1% from FY 2023). Net income: S$62.2m (down 31% from FY 2023). Profit margin: 8.3% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Feb 25
Raffles Medical Group Ltd Announces One-Tier Tax Exempt Dividend for the Financial Year Ended 31 December 2024, Payable on May 23, 2025 Raffles Medical Group Ltd. announced the ordinary (one-tier tax exempt) dividend of 2.5 Singapore cents per ordinary share (Dividend) for the financial year ended 31 December 2024. This Dividend is payable on 23 May 2025 to shareholders registered in the Share Transfer Books and the Register of Members of the Company on the Record Date. Announcement • Feb 24
Raffles Medical Group Ltd, Annual General Meeting, Apr 25, 2025 Raffles Medical Group Ltd, Annual General Meeting, Apr 25, 2025. Announcement • Feb 10
Raffles China Healthcare Appoints Mr. Phua Tien Beng as Deputy Managing Director Raffles Medical Group announced the appointment of Mr. Phua Tien Beng as the Deputy Managing Director of Raffles China Healthcare. Mr. Phua Tien Beng is the Deputy Managing Director of Raffles China Healthcare. He is responsible for leading the development of business portfolio development, operational management, strategic planning, and performance improvement in the Greater China region. Mr. Phua has over 20 years of experience working in the healthcare industry and has held leadership positions in both Singapore and China. Prior to joining RMG, he served as the Co-president of Peking University (PKU) Healthcare Group and President of Peking University International Hospital under the Ping An Group in China. During his tenure with Ping An Group, he successfully led the acquisition and turnaround of PKU Healthcare Group, a prominent private healthcare group in China. Before joining Ping An Group, Mr. Phua was the Chief Executive Officer of Parkway Pantai where he oversaw its Singapore's business portfolio. He began his career as a dietitian at the Singapore General Hospital and subsequently progressed into management roles. Mr. Phua graduated with a Bachelor of Science in Dietetics from Leeds Beckett University. He also holds two master's degrees - an MBA from the University of Chicago Booth School of Business, and a Master of Science in Health Science Management from the University of Sydney. Announcement • Jan 20
Raffles Medical Group Ltd to Report Fiscal Year 2024 Results on Feb 24, 2025 Raffles Medical Group Ltd announced that they will report fiscal year 2024 results Pre-Market on Feb 24, 2025 Recent Insider Transactions • Dec 03
Executive Chairman & CEO recently bought S$602k worth of stock On the 26th of November, Choon Yong Loo bought around 700k shares on-market at roughly S$0.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$47m worth in shares. Recent Insider Transactions • Nov 26
Executive Chairman & CEO recently bought S$861k worth of stock On the 22nd of November, Choon Yong Loo bought around 1m shares on-market at roughly S$0.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$45m worth in shares. Recent Insider Transactions • Nov 14
Executive Chairman & CEO recently bought S$1.3m worth of stock On the 11th of November, Choon Yong Loo bought around 2m shares on-market at roughly S$0.87 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$44m worth in shares. Recent Insider Transactions • Nov 03
Executive Chairman & CEO recently bought S$979k worth of stock On the 29th of October, Choon Yong Loo bought around 1m shares on-market at roughly S$0.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$43m worth in shares. Recent Insider Transactions • Sep 27
Executive Chairman & CEO recently bought S$1.5m worth of stock On the 24th of September, Choon Yong Loo bought around 2m shares on-market at roughly S$0.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$41m worth in shares. Recent Insider Transactions • Aug 18
Executive Chairman & CEO recently bought S$700k worth of stock On the 12th of August, Choon Yong Loo bought around 800k shares on-market at roughly S$0.87 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$39m worth in shares. New Risk • Aug 12
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.7% net profit margin). Recent Insider Transactions • Aug 06
Executive Chairman & CEO recently bought S$1.3m worth of stock On the 1st of August, Choon Yong Loo bought around 1m shares on-market at roughly S$0.94 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$1.5m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$37m worth in shares. Reported Earnings • Jul 30
First half 2024 earnings released: EPS: S$0.017 (vs S$0.032 in 1H 2023) First half 2024 results: EPS: S$0.017 (down from S$0.032 in 1H 2023). Revenue: S$365.7m (down 1.4% from 1H 2023). Net income: S$30.6m (down 49% from 1H 2023). Profit margin: 8.4% (down from 16% in 1H 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 02
Executive Chairman & CEO recently bought S$1.5m worth of stock On the 26th of June, Choon Yong Loo bought around 2m shares on-market at roughly S$0.99 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$30m worth in shares. Announcement • Jun 19
Raffles Medical Group Ltd to Report First Half, 2024 Results on Jul 29, 2024 Raffles Medical Group Ltd announced that they will report first half, 2024 results on Jul 29, 2024 Recent Insider Transactions • May 09
Executive Chairman & CEO recently bought S$500k worth of stock On the 3rd of May, Choon Yong Loo bought around 500k shares on-market at roughly S$1.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth S$3.6m. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$16m worth in shares. Upcoming Dividend • May 06
Upcoming dividend of S$0.024 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Singaporean dividend payers (6.2%). In line with average of industry peers (2.5%). Announcement • Apr 27
Raffles Medical Group Ltd Approves One-Tier Tax Exempt Final Dividend for the Year Ended 31 December 2023, Payable on May 23, 2024 Raffles Medical Group Ltd. at its Annual General Meeting held on 26 April 2024, approved a one-tier tax exempt final dividend of 2.4 Singapore cents per share for the year ended 31 December 2023. Payment date is May 23, 2024. Reported Earnings • Apr 04
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: S$0.049 (down from S$0.077 in FY 2022). Revenue: S$723.6m (down 5.8% from FY 2022). Net income: S$90.2m (down 37% from FY 2022). Profit margin: 13% (down from 19% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 04
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at S$1.05. The fair value is estimated to be S$1.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 0.04% per annum over the same time period. Announcement • Apr 03
Raffles Medical Group Ltd Proposes Final Dividend for the Year Ended 31 December 2023, Payable on May 23, 2024 Raffles Medical Group Ltd. at its AGM to be held on April 26, 2024 proposed final dividend of 2.4 Singapore cents per share for the year ended 31 December 2023 (2022: 3.8 Singapore cents per share), be paid on May 23, 2024. Price Target Changed • Mar 08
Price target decreased by 12% to S$1.14 Down from S$1.29, the current price target is an average from 8 analysts. New target price is 12% above last closing price of S$1.01. Stock is down 25% over the past year. The company is forecast to post earnings per share of S$0.051 for next year compared to S$0.077 last year. Major Estimate Revision • Mar 02
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from S$0.049 to S$0.039 per share. Revenue forecast steady at S$705.5m. Net income forecast to shrink 41% next year vs 26% growth forecast for Healthcare industry in Singapore . Consensus price target down from S$1.29 to S$1.25. Share price fell 2.9% to S$1.02 over the past week. Recent Insider Transactions • Feb 29
Executive Chairman & CEO recently bought S$3.6m worth of stock On the 27th of February, Choon Yong Loo bought around 4m shares on-market at roughly S$1.03 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Choon Yong's only on-market trade for the last 12 months. Declared Dividend • Feb 28
Dividend of S$0.024 announced Shareholders will receive a dividend of S$0.024. Ex-date: 13th May 2024 Payment date: 23rd May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 36% over the next 3 years. However, it would need to fall by 46% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 27
Raffles Medical Group Ltd, Annual General Meeting, Apr 26, 2024 Raffles Medical Group Ltd, Annual General Meeting, Apr 26, 2024. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to S$1.01, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 26x in the Healthcare industry in Asia. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.23 per share. Announcement • Aug 05
Raffles Medical Group Ltd Announces Resignation of Soo Yu-Han Jessica as Joint Company Secretary, Effective 8 August 2023 The board of directors of Raffles Medical Group Ltd. announced the resignation of Ms. Soo Yu-Han Jessica as the joint company secretary with effect from 8 August 2023. Mrs. Kimmy Goh will remain as the sole company secretary. Role And Responsibilities: Ms. Soo Yu-Han Jessica is the Joint Company Secretary of the company responsible for the company's corporate secretarial function. Board Change • Aug 03
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive and Non-Independent Director Liangjian Lu was the last director to join the board, commencing their role in the last week. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
First half 2023 earnings released: EPS: S$0.032 (vs S$0.032 in 1H 2022) First half 2023 results: EPS: S$0.032 (in line with 1H 2022). Revenue: S$370.9m (down 9.5% from 1H 2022). Net income: S$59.9m (flat on 1H 2022). Profit margin: 16% (up from 14% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
Raffles Medical Group Ltd to Report First Half, 2023 Results on Jul 31, 2023 Raffles Medical Group Ltd announced that they will report first half, 2023 results on Jul 31, 2023 Upcoming Dividend • May 08
Upcoming dividend of S$0.038 per share at 2.6% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Singaporean dividend payers (6.4%). Lower than average of industry peers (3.0%). Reported Earnings • Apr 06
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Net income: S$143.5m (up 71% from FY 2021). Revenue was in line with analyst estimates. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Price Target Changed • Mar 06
Price target increased by 8.1% to S$1.72 Up from S$1.59, the current price target is an average from 9 analysts. New target price is 25% above last closing price of S$1.38. Stock is up 21% over the past year. The company is forecast to post earnings per share of S$0.065 for next year compared to S$0.077 last year. Reported Earnings • Feb 28
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: S$0.077 (up from S$0.045 in FY 2021). Revenue: S$774.5m (up 7.0% from FY 2021). Net income: S$143.5m (up 71% from FY 2021). Profit margin: 19% (up from 12% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jan 21
Raffles Medical Group Ltd to Report Fiscal Year 2022 Results on Feb 27, 2023 Raffles Medical Group Ltd announced that they will report fiscal year 2022 results at 9:00 AM, Singapore Standard Time on Feb 27, 2023 Buying Opportunity • Oct 14
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be S$1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 1.4% in 2 years. Earnings is forecast to decline by 9.1% in the next 2 years. Buying Opportunity • Sep 23
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be S$1.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 1.7% in 2 years. Earnings is forecast to decline by 8.8% in the next 2 years. Buying Opportunity • Aug 08
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be S$1.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 1.9% in 2 years. Earnings is forecast to decline by 8.7% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improved over the past week After last week's 17% share price gain to S$1.35, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Healthcare industry in Asia. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.67 per share. Price Target Changed • Aug 03
Price target increased to S$1.52 Up from S$1.41, the current price target is an average from 9 analysts. New target price is 17% above last closing price of S$1.30. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of S$0.052 for next year compared to S$0.045 last year. Recent Insider Transactions • Aug 03
Executive Chairman & CEO recently bought S$63k worth of stock On the 1st of August, Choon Yong Loo bought around 54k shares on-market at roughly S$1.18 per share. This was the largest purchase by an insider in the last 3 months. Choon Yong has been a buyer over the last 12 months, purchasing a net total of S$5.8m worth in shares. Reported Earnings • Aug 02
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$39.4m from profit in 1H 2021). Profit margin: (down from 12% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 3.9% compared to a 3.1% decline forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Raffles Medical Group Ltd to Report First Half, 2022 Results on Aug 01, 2022 Raffles Medical Group Ltd announced that they will report first half, 2022 results on Aug 01, 2022 Buying Opportunity • Jun 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be S$1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 0.6% per annum over the same time period. Buying Opportunity • Jun 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be S$1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period. Announcement • May 26
Raffles Medical Group Ltd Approves Final Dividend for the Year Ended 31 December 2021 Raffles Medical Group Ltd. approved a the ordinary (one-tier tax exempt) dividend of 2.8 Singapore cents per ordinary share (Dividend), comprising of a core dividend of 1.8 cents per share, for the financial year ended December 31, 2021. Buying Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be S$1.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be S$1.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period. Upcoming Dividend • May 02
Upcoming dividend of S$0.028 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Singaporean dividend payers (5.8%). Lower than average of industry peers (3.0%). Price Target Changed • Apr 27
Price target decreased to S$1.39 Down from S$1.51, the current price target is an average from 10 analysts. New target price is 18% above last closing price of S$1.17. Stock is up 2.6% over the past year. The company is forecast to post earnings per share of S$0.039 for next year compared to S$0.045 last year.