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Raffles Medical Group

SGX:BSL
Snowflake Description

Excellent balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BSL
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SGD2B
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Last updated 2019/02/23 12:37
Company description

Raffles Medical Group Ltd engages in the medical clinics operation and other general medical service businesses primarily in Singapore. The last earnings update was 118 days ago. More info.

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BSL Share Price and Events
7 Day Returns
0%
SGX:BSL
0.1%
SG Healthcare
1.1%
SG Market
1 Year Returns
0.9%
SGX:BSL
-10.4%
SG Healthcare
-7.3%
SG Market
BSL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Raffles Medical Group (BSL) 0% -0.9% -3.5% 0.9% -23.6% 3.4%
SG Healthcare 0.1% 2.4% 0.1% -10.4% -23% 7.2%
SG Market 1.1% 3.1% 7% -7.3% 16.2% -0.7%
1 Year Return vs Industry and Market
  • BSL outperformed the Healthcare industry which returned -10.4% over the past year.
  • BSL outperformed the Market in Singapore which returned -7.3% over the past year.
Price Volatility
BSL
Industry
5yr Volatility vs Market

BSL Value

 Is Raffles Medical Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Raffles Medical Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Raffles Medical Group.

SGX:BSL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:BSL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 7.7%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 17%) (4.8%)) 		0.514
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 7.7%) 		8.46%

Discounted Cash Flow Calculation for SGX:BSL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Raffles Medical Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:BSL DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (SGD, Millions) -50.50 70.66 76.46 82.73 89.53
Source Analyst x2 Analyst x2 Est @ 8.21% Est @ 8.21% Est @ 8.21%
Present Value
Discounted (@ 8.46%) 		-46.56 60.06 59.92 59.78 59.65
Present value of next 5 years cash flows SGD192.86
SGX:BSL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= SGD89.53 × (1 + 2.3%) ÷ (8.46% – 2.3%) 		SGD1,487.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= SGD1,487.39 ÷ (1 + 8.46%)5 		SGD990.98
SGX:BSL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= SGD192.86 + SGD990.98 		SGD1,183.84
Equity Value per Share
(SGD)		 = Total value / Shares Outstanding
= SGD1,183.84 / 1,797.62 		SGD0.66
SGX:BSL Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.66
Current discount Discount to share price of SGD1.11
= -1 x (SGD1.11 - SGD0.66) / SGD0.66 		-68.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Raffles Medical Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Raffles Medical Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Raffles Medical Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BSL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in SGD SGD0.04
SGX:BSL Share Price ** SGX (2019-02-22) in SGD SGD1.11
Singapore Healthcare Industry PE Ratio Median Figure of 6 Publicly-Listed Healthcare Companies 26.96x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 12.13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Raffles Medical Group.

SGX:BSL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:BSL Share Price ÷ EPS (both in SGD)

= 1.11 ÷ 0.04

 27.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Raffles Medical Group is overvalued based on earnings compared to the SG Healthcare industry average.
  • Raffles Medical Group is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Raffles Medical Group's expected growth come at a high price?
Raw Data
SGX:BSL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts		 2.7%per year
Asia Healthcare Industry PEG Ratio Median Figure of 13 Publicly-Listed Healthcare Companies 1.92x
Singapore Market PEG Ratio Median Figure of 129 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

SGX:BSL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.72x ÷ 2.7%

 10.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Raffles Medical Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Raffles Medical Group's assets?
Raw Data
SGX:BSL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in SGD SGD0.43
SGX:BSL Share Price * SGX (2019-02-22) in SGD SGD1.11
Singapore Healthcare Industry PB Ratio Median Figure of 6 Publicly-Listed Healthcare Companies 1.71x
Singapore Market PB Ratio Median Figure of 434 Publicly-Listed Companies 0.75x
SGX:BSL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:BSL Share Price ÷ Book Value per Share (both in SGD)

= 1.11 ÷ 0.43

 2.61x

* Primary Listing of Raffles Medical Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Raffles Medical Group is overvalued based on assets compared to the SG Healthcare industry average.
X
Value checks
We assess Raffles Medical Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Healthcare industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Healthcare industry average (and greater than 0)? (1 check)
    5. Raffles Medical Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BSL Future Performance

 How is Raffles Medical Group expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Raffles Medical Group expected to grow at an attractive rate?
  • Raffles Medical Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Raffles Medical Group's earnings growth is positive but not above the Singapore market average.
  • Raffles Medical Group's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:BSL Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:BSL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 2.7%
SGX:BSL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 17%
Singapore Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 5.1%
Asia Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 12.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 4.3%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:BSL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BSL Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,210 86 1
2022-12-31 1,089 78 1
2021-12-31 951 69 1
2020-12-31 697 104 63 8
2019-12-31 586 94 59 11
2018-12-31 498 88 66 10
SGX:BSL Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-09-30 484 88 71
2018-06-30 483 81 71
2018-03-31 483 88 71
2017-12-31 478 83 71
2017-09-30 473 81 70
2017-06-30 473 65 70
2017-03-31 472 63 70
2016-12-31 474 79 70
2016-09-30 470 83 71
2016-06-30 452 92 71
2016-03-31 432 91 70
2015-12-31 411 73 69

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Raffles Medical Group's earnings are expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
  • Raffles Medical Group's revenue is expected to grow by 17% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:BSL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Raffles Medical Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BSL Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.04 0.05 0.03 7.00
2019-12-31 0.03 0.04 0.03 10.00
2018-12-31 0.04 0.04 0.04 10.00
SGX:BSL Past Financials Data
Date (Data in SGD Millions) EPS *
2018-09-30 0.04
2018-06-30 0.04
2018-03-31 0.04
2017-12-31 0.04
2017-09-30 0.04
2017-06-30 0.04
2017-03-31 0.04
2016-12-31 0.04
2016-09-30 0.04
2016-06-30 0.04
2016-03-31 0.04
2015-12-31 0.04

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Raffles Medical Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Raffles Medical Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Raffles Medical Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BSL Past Performance

  How has Raffles Medical Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Raffles Medical Group's growth in the last year to its industry (Healthcare).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Raffles Medical Group's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Raffles Medical Group's 1-year earnings growth exceeds its 5-year average (1% vs -2.4%)
  • Raffles Medical Group's earnings growth has not exceeded the SG Healthcare industry average in the past year (1% vs 23%).
Earnings and Revenue History
Raffles Medical Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Raffles Medical Group Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BSL Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 484.43 71.19 15.18
2018-06-30 482.97 71.17 15.09
2018-03-31 482.86 71.05 15.27
2017-12-31 477.58 70.78 15.33
2017-09-30 473.10 70.48 16.11
2017-06-30 472.80 70.32 16.31
2017-03-31 471.66 70.23 16.28
2016-12-31 473.61 70.21 16.34
2016-09-30 469.83 71.19 15.82
2016-06-30 452.07 70.56 15.17
2016-03-31 432.37 69.84 14.22
2015-12-31 410.54 69.29 12.99
2015-09-30 395.81 68.58 11.28
2015-06-30 388.77 68.39 10.58
2015-03-31 382.11 68.06 10.18
2014-12-31 374.64 67.64 9.90
2014-09-30 362.65 88.75 9.37
2014-06-30 353.21 87.19 9.04
2014-03-31 347.44 85.97 8.80
2013-12-31 340.99 84.89 8.55
2013-09-30 336.02 61.98 8.50
2013-06-30 329.71 60.69 8.47
2013-03-31 319.81 58.71 8.47
2012-12-31 311.63 56.85 8.44
2012-09-30 300.88 53.11 8.09
2012-06-30 291.24 52.33 7.70
2012-03-31 281.28 51.54 7.36

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Raffles Medical Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Raffles Medical Group used its assets more efficiently than the SG Healthcare industry average last year based on Return on Assets.
  • Raffles Medical Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Raffles Medical Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Healthcare industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Raffles Medical Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BSL Health

 How is Raffles Medical Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Raffles Medical Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Raffles Medical Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Raffles Medical Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Raffles Medical Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Raffles Medical Group Company Filings, last reported 4 months ago.

SGX:BSL Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 779.85 95.69 102.57
2018-06-30 779.24 91.61 108.41
2018-03-31 770.37 71.71 94.01
2017-12-31 751.63 81.41 98.27
2017-09-30 727.91 74.30 114.93
2017-06-30 717.91 53.09 112.36
2017-03-31 701.65 29.98 119.40
2016-12-31 681.84 32.45 111.88
2016-09-30 661.39 30.95 108.99
2016-06-30 651.16 30.70 123.55
2016-03-31 637.43 32.18 110.55
2015-12-31 622.03 33.66 86.06
2015-09-30 601.09 8.06 89.53
2015-06-30 578.18 7.07 119.53
2015-03-31 557.78 6.66 120.89
2014-12-31 540.27 6.39 150.18
2014-09-30 516.51 5.65 124.52
2014-06-30 505.31 5.20 130.61
2014-03-31 490.27 5.23 98.31
2013-12-31 473.79 4.76 273.91
2013-09-30 429.01 4.39 146.10
2013-06-30 419.56 3.93 126.37
2013-03-31 405.51 3.84 102.57
2012-12-31 389.42 19.75 104.79
2012-09-30 367.79 19.24 87.98
2012-06-30 363.02 20.39 84.24
2012-03-31 348.04 20.37 61.06
  • Raffles Medical Group's level of debt (12.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (1% vs 12.3% today).
  • Debt is well covered by operating cash flow (92.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 19770.8x coverage).
Show me more healthy companies in the Healthcare industry
X
Financial health checks
We assess Raffles Medical Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Raffles Medical Group has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BSL Dividends

 What is Raffles Medical Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.03%
Current annual income from Raffles Medical Group dividends. Estimated to be 1.9% next year.
If you bought SGD2,000 of Raffles Medical Group shares you are expected to receive SGD41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Raffles Medical Group's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Raffles Medical Group's dividend is below the markets top 25% of dividend payers in Singapore (5.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:BSL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Asia Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 1.8%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 288 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.5%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:BSL Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.02 7.00
2019-12-31 0.02 9.00
2018-12-31 0.02 9.00
SGX:BSL Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-04-27 0.023 2.059
2017-04-19 0.020 1.698
2016-07-25 0.050 3.395
2016-04-04 0.020 1.293
2015-07-27 0.018 1.270
2015-05-06 0.018 1.229
2014-07-29 0.018 1.400
2014-04-23 0.017 1.343
2013-07-22 0.015 1.429
2013-04-23 0.015 1.395
2012-07-23 0.013 1.475
2012-04-12 0.013 1.765
2011-07-25 0.012 1.581
2011-02-21 0.012 1.554
2010-07-26 0.010 1.352
2010-03-01 0.010 1.781
2009-07-27 0.008 1.854
2009-03-23 0.008 2.693
2009-02-24 0.008 3.257

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Raffles Medical Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Raffles Medical Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Raffles Medical Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Raffles Medical Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BSL Management

 What is the CEO of Raffles Medical Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Choon Yong Loo
AGE 69
CEO Bio

Dr. Loo Choon Yong co-founded Raffles Medical Group Ltd in 1976 and has been its Executive Chairman since 1997. Dr. Loo serves as Chief Executive Officer at Raffles Medical Group Ltd. In the area of public service, Dr. Loo was appointed by the President of Singapore in 2015, as the Non-Resident Ambassador to the Republic of Poland. Prior to that, he was the Non-Resident Ambassador to the Italian Republic from 2006 to 2015. He was a Nominated Member of Parliament from 2005 to 2006 and again from 2007 to 2009. He serves as the Chairman of Raffles Hospital Pte Ltd. and Raffles Health Insurance Pte Ltd. He serves as the Chairman of International Medical Insurers Pte Ltd. He has been the Chairman of JTC Corporation since January 1, 2013. He serves as the Chairman of the Asian Medical Foundation Ltd. He served as the Chairman of Sentosa Leisure Group Ltd. from March 1, 2007 to January 1, 2013. He served as the Chairman of Sentosa Development Corporation and Sentosa Golf Club. He served as Deputy Chairman of Sentosa Leisure Group until March 1, 2007. He serves as Member of Medical Board at Raffles Hospital Pte Ltd. He serves as a Director of RMG Capital Pte. Ltd.; Sentosa Leisure Holdings Pte Ltd.; International SOS (MC Holdings) Pte Ltd.; International Medical Insurers Pte. Ltd.; Raffles Surgicentre Pte Ltd.; Raffles Hospital Private Ltd.; The Esquire Developments Pte. Ltd.; and Straits Land Pte Ltd. He has been a Non-Executive Independent Director of CapitaMalls Asia Limited since October 30, 2009 and its Lead Independent Non-Executive Director since November 1, 2013. He has been a Director of Raffles Medical Group Ltd since May 16, 1989. He serves as a Director of Sentosa Leisure Group Ltd. He served as a Director of Asian Healthcare Venture Fund Pte Ltd; Reverend Loo Thian Liong Foundation and North East Community Development. He served as Non-Executive Independent Director of Raffles Holdings Limited since May 26, 2005. He was Chairman of the Board of Advisors for School of Business at Singapore Management University and served as its Trustee from 2000 to January 2014. He was also previously the Deputy Chairman of the Action Committee for Entrepreneurship (ACE) and Chairman of ERC’s Healthcare Services Working Group (HSWG). He served as a Trustee of the Chinese Development Assistance Council. He was a Member of the Government Economic Review Committee (ERC) from 2001 to 2003. He was a Nominated Member of Parliament from 2005 to 2006 and again from 2007 to 2009. In the area of social service, he had been active in the fight against drug abuse for more than 20 years. He was the Chairman of National Council Against Drug Abuse (NCADA) and President of Singapore Anti-Narcotic Association (SANA). Dr. Loo was awarded the Singapore National Day Awards Public Service Medal (2003) and Public Service Star (2009), and the Distinguished Service Award (2005) from the Ministry of Home Affairs for his contributions to Singapore’s fight against drug abuse. In February 2015, he received the SG50 Outstanding Chinese Business Pioneers Award from Singapore Chinese Chamber of Commerce & Industry. In April 2013, he was named Businessman of the Year 2012 at the Singapore Business Awards, jointly organised by The Business Times and DHL. In May 2010, he was named Best Chief Executive Officer in the mid-cap category of the Singapore Corporate Awards organised by The Business Times and supported by the Singapore Stock Exchange. He is a Barrister of Middle Temple. He is a Diplomate Member from The College of General Practitioners (Singapore). Dr. Loo received Bachelor of Medicine and Bachelor of Surgery from University of Singapore. He holds an MCFP from University of Singapore. He holds Post-Graduate Training in Cardiology at the National Heart, Brompton and London Chest Hospitals in the United Kingdom. He holds a Diploma in Cardiac Medicine with Distinction from the Cardiothoracic Institute, University of London. He studied Bachelor of Law (Honours) from University of London.

CEO Compensation
  • Insufficient data for Choon Yong to compare compensation growth.
  • Insufficient data for Choon Yong to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Raffles Medical Group management team in years:

3
Average Tenure
69
Average Age
  • The tenure for the Raffles Medical Group management team is about average.
Management Team

Soo Nan Tan

TITLE
Executive & Non-Independent Director
AGE
69

Choon Yong Loo

TITLE
Co-Founder
AGE
69

Ann Goh

TITLE
Chief Financial Officer
AGE
58
TENURE
3 yrs

Kah Teo

TITLE
Chief ?Information ?Officer
TENURE
1.1 yrs

Magdalene Lee

TITLE
Senior Manager of Corporate Communications

Kimmy Goh

TITLE
Group Financial Controller & Company Secretary
TENURE
14.1 yrs

Kenneth Wu

TITLE
General Manager of Raffles Hospital

Walter Tan

TITLE
Medical Director of Raffles Hospital

Alfred Loh

TITLE
Senior Clinical Director of Raffles Medical

Ching Yang

TITLE
Medical Director of Raffles Hospital
Board of Directors Tenure

Average tenure and age of the Raffles Medical Group board of directors in years:

6.5
Average Tenure
66.5
Average Age
  • The tenure for the Raffles Medical Group board of directors is about average.
Board of Directors

Choon Yong Loo

TITLE
Co-Founder
AGE
69
TENURE
22.1 yrs

Teck Koon Kee

TITLE
Non-Executive & Independent Director
AGE
62
TENURE
7.1 yrs

Soo Nan Tan

TITLE
Executive & Non-Independent Director
AGE
69
TENURE
18.6 yrs

Eric Ang

TITLE
Non-Executive & Independent Director
AGE
64
TENURE
3.8 yrs

Poh Tiong Koh

TITLE
Lead Independent Director
AGE
71
TENURE
5.1 yrs

Pin Lim

TITLE
Non-Executive & Independent Director
AGE
81
TENURE
18 yrs

Beng Geok Wee

TITLE
Non-Executive & Independent Director
AGE
70
TENURE
18.3 yrs

Olivier Lim

TITLE
Non-Executive & Non-Independent Director
AGE
53
TENURE
4.3 yrs

Raymond Lim

TITLE
Non-Executive & Independent Director
AGE
59
TENURE
5.8 yrs

Beng Chee Lim

TITLE
Non-Executive Independent Director
AGE
50
TENURE
3.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
02. Jan 19 Sell Standard Life Aberdeen plc Company 28. Dec 18 28. Dec 18 -43,000 SGD1.10 SGD-47,300
03. Aug 18 Sell Standard Life Aberdeen plc Company 01. Aug 18 01. Aug 18 -1,007,800 SGD1.10 SGD-1,108,579
03. Jul 18 Buy Choon Yong Loo Individual 29. Jun 18 29. Jun 18 3,107,252 SGD0.99 SGD3,076,180
03. Jul 18 Buy S & D Holdings Pte Ltd Company 29. Jun 18 29. Jun 18 1,014,650 SGD0.99 SGD1,004,504
X
Management checks
We assess Raffles Medical Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Raffles Medical Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BSL News

Simply Wall St News

With A Return On Equity Of 9.0%, Has Raffles Medical Group Ltd's (SGX:BSL) Management Done Well?

Our data shows Raffles Medical Group has a return on equity of 9.0% for the last year. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.090 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

Are Raffles Medical Group Ltd's (SGX:BSL) Interest Costs Too High?

Raffles Medical Group Ltd (SGX:BSL) is a small-cap stock with a market capitalization of S$2.0b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … So, understanding the company's financial health becomes

Simply Wall St - –

Why Raffles Medical Group Ltd's (SGX:BSL) High P/E Ratio Isn't Necessarily A Bad Thing

We'll look at Raffles Medical Group Ltd's (SGX:BSL) P/E ratio and reflect on what it tells us about the company's share price. … Raffles Medical Group has a P/E ratio of 27.72, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St - –

Why You Should Care About Raffles Medical Group Ltd’s (SGX:BSL) Cash Levels

If you are currently a shareholder in Raffles Medical Group Ltd (SGX:BSL), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I will take you through Raffles Medical Group’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Raffles Medical Group’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure.

Simply Wall St - –

How Do Raffles Medical Group Ltd’s (SGX:BSL) Returns On Capital Compare To Peers?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St - –

Did Raffles Medical Group Ltd (SGX:BSL) Insiders Buy Up More Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So we'll take a look at whether insiders have been buying or selling shares in Raffles Medical Group Ltd (SGX:BSL). … The Last 12 Months Of Insider Transactions At Raffles Medical Group.

Simply Wall St - –

Raffles Medical Group Ltd (SGX:BSL) Has A ROE Of 9.0%

Over the last twelve months Raffles Medical Group has recorded a ROE of 9.0%. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.090 in profit. … View our latest analysis for Raffles Medical Group?

Simply Wall St - –

What Should Investors Know About Raffles Medical Group Ltd's (SGX:BSL) Future?

Based on Raffles Medical Group Ltd's (SGX:BSL) earnings update in June 2018,. … with profits predicted to drop by -12% next year

Simply Wall St - –

Who Are Raffles Medical Group Ltd's (SGX:BSL) Major Shareholders?

Every investor in Raffles Medical Group Ltd (SGX:BSL) should be aware of the most powerful shareholder groups. … With a market capitalization of S$1.9b, Raffles Medical Group is a decent size, so it is probably on the radar of institutional investors. … Check out our latest analysis for Raffles Medical Group

Simply Wall St - –

Before Investing In Raffles Medical Group Ltd (SGX:BSL), Consider This

I’ve analysed below, the health and outlook of Raffles Medical Group’s cash flow, which will help you understand the stock from a cash standpoint. … Raffles Medical Group’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … There are two methods I will use to evaluate the quality of Raffles Medical Group’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St - –

BSL Company Info

Map
Description

Raffles Medical Group Ltd engages in the medical clinics operation and other general medical service businesses primarily in Singapore. The company operates through three segments: Healthcare Services, Hospital Services, and Investment Holdings. Its flagship hospital is the Raffles Hospital, a tertiary care hospital that offers services, including emergency, cancer, children and women care, traditional Chinese medicine, counselling, dental, diabetes and endocrinology, dialysis, ear, nose, throat, eye, family medicine, fertility, health screening, heart, internal medicine, international patients services, neuroscience, pain management, rehabilitation, radiology, Japanese clinic, orthopaedic, skin and aesthetics, surgery, urology, and nuclear medicine services for inpatients and outpatients. The company also operates 100 medical clinics that provide various services, such as general practice/family medicine, emergency, health check, health screening, immunization, travel health, specialty, minor surgery, X-ray, pre-marital screening, and corporate programs; provides health insurance; trades in pharmaceutical and nutraceutical products, and diagnostic equipment; and provides healthcare management and consultancy services, as well as specialized medical, medical laboratory, imaging center, and clinical services. In addition, it owns properties; develops IT solutions; provides advisory and medical emergency assistance services; and sells medical kits. The company was founded in 1976 and is based in Singapore.

Details
Name: Raffles Medical Group Ltd
BSL
Exchange: SGX
Founded: 1976
SGD1,995,355,314
1,797,617,400
Website: http://www.rafflesmedicalgroup.com
Address: Raffles Medical Group Ltd
585 North Bridge Road,
Raffles Hospital, No. 11-00,
Singapore,
188770,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX BSL Ordinary Shares Singapore Exchange SG SGD 14. Apr 1997
OTCPK RAFL.F Ordinary Shares Pink Sheets LLC US USD 14. Apr 1997
Number of employees
Current staff
Staff numbers
2,400
Raffles Medical Group employees.
Industry
Health Care Facilities
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 12:37
End of day share price update: 2019/02/22 00:00
Last estimates confirmation: 2019/02/19
Last earnings filing: 2018/10/28
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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