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BSL

Raffles Medical Group SGX:BSL Stock Report

Last Price

S$1.13

Market Cap

S$2.1b

7D

0.9%

1Y

-0.9%

Updated

27 Jun, 2022

Data

Company Financials +
BSL fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance5/6
Financial Health5/6
Dividends3/6

BSL Stock Overview

Raffles Medical Group Ltd provides integrated private healthcare services primarily in Singapore, Greater China, Vietnam, Cambodia, and Japan.

Rewards

Trading at 20.6% below our estimate of its fair value

Earnings grew by 27.7% over the past year

Risk Analysis

No risks detected for BSL from our risk checks.

Raffles Medical Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Raffles Medical Group
Historical stock prices
Current Share PriceS$1.13
52 Week HighS$1.58
52 Week LowS$1.10
Beta0.78
1 Month Change-1.74%
3 Month Change-2.59%
1 Year Change-0.88%
3 Year Change8.65%
5 Year Change-14.39%
Change since IPO624.10%

Recent News & Updates

Jun 01
Raffles Medical Group (SGX:BSL) Has Some Way To Go To Become A Multi-Bagger

Raffles Medical Group (SGX:BSL) Has Some Way To Go To Become A Multi-Bagger

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst...

Shareholder Returns

BSLSG HealthcareSG Market
7D0.9%-0.2%0.4%
1Y-0.9%-8.2%-1.8%

Return vs Industry: BSL exceeded the SG Healthcare industry which returned -8.4% over the past year.

Return vs Market: BSL exceeded the SG Market which returned -3.4% over the past year.

Price Volatility

Is BSL's price volatile compared to industry and market?
BSL volatility
BSL Average Weekly Movement3.1%
Healthcare Industry Average Movement4.8%
Market Average Movement4.9%
10% most volatile stocks in SG Market11.8%
10% least volatile stocks in SG Market2.3%

Stable Share Price: BSL is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: BSL's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19762,700Choon Yong Loohttps://www.rafflesmedicalgroup.com

Raffles Medical Group Ltd provides integrated private healthcare services primarily in Singapore, Greater China, Vietnam, Cambodia, and Japan. The company operates through Healthcare Services, Hospital Services, and Investment Holdings segments. Its flagship hospital is the Raffles Hospital, a tertiary care hospital that offers cancer, children and women care, Chinese medicine, counselling, dental, dialysis, diabetes and endocrinology, ear, nose, throat, eye, fertility, heart, internal medicine, neuroscience, pain management, rehabilitation, orthopedic, skin and aesthetics, surgery, nuclear medicine, and urology services.

Raffles Medical Group Fundamentals Summary

How do Raffles Medical Group's earnings and revenue compare to its market cap?
BSL fundamental statistics
Market CapS$2.09b
Earnings (TTM)S$84.17m
Revenue (TTM)S$723.79m

24.9x

P/E Ratio

2.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BSL income statement (TTM)
RevenueS$723.79m
Cost of RevenueS$530.24m
Gross ProfitS$193.55m
Other ExpensesS$109.38m
EarningsS$84.17m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.045
Gross Margin26.74%
Net Profit Margin11.63%
Debt/Equity Ratio21.5%

How did BSL perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

40%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is BSL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BSL?

Other financial metrics that can be useful for relative valuation.

BSL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.9x
Enterprise Value/EBITDA14.3x
PEG Ratio39.5x

Price to Earnings Ratio vs Peers

How does BSL's PE Ratio compare to its peers?

BSL PE Ratio vs Peers
The above table shows the PE ratio for BSL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average79.1x
A50 Thomson Medical Group
112.9xn/aS$2.1b
40T ISEC Healthcare
22xn/aS$171.7m
5WA OUE Lippo Healthcare
1.3xn/aS$146.6m
EHG Econ Healthcare (Asia)
180.1x68.7%S$63.0m
BSL Raffles Medical Group
24.9x0.6%S$2.1b

Price-To-Earnings vs Peers: BSL is good value based on its Price-To-Earnings Ratio (24.9x) compared to the peer average (79.1x).


Price to Earnings Ratio vs Industry

How does BSL's PE Ratio compare vs other companies in the Asian Healthcare Industry?

Price-To-Earnings vs Industry: BSL is expensive based on its Price-To-Earnings Ratio (24.9x) compared to the SG Healthcare industry average (16x)


Price to Earnings Ratio vs Fair Ratio

What is BSL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BSL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.9x
Fair PE Ratio12x

Price-To-Earnings vs Fair Ratio: BSL is expensive based on its Price-To-Earnings Ratio (24.9x) compared to the estimated Fair Price-To-Earnings Ratio (12x).


Share Price vs Fair Value

What is the Fair Price of BSL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BSL (SGD1.13) is trading below our estimate of fair value (SGD1.42)

Significantly Below Fair Value: BSL is trading below fair value by more than 20%.


Price to Earnings Growth Ratio

PEG Ratio: BSL is poor value based on its PEG Ratio (39.5x)


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Future Growth

How is Raffles Medical Group forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


0.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BSL's forecast earnings growth (0.6% per year) is below the savings rate (1.8%).

Earnings vs Market: BSL's earnings (0.6% per year) are forecast to grow slower than the SG market (12.6% per year).

High Growth Earnings: BSL's earnings are forecast to grow, but not significantly.

Revenue vs Market: BSL's revenue (2.4% per year) is forecast to grow slower than the SG market (7.8% per year).

High Growth Revenue: BSL's revenue (2.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BSL's Return on Equity is forecast to be low in 3 years time (8.3%).


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Past Performance

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

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


1.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BSL has high quality earnings.

Growing Profit Margin: BSL's current net profit margins (11.6%) are higher than last year (11.6%).


Past Earnings Growth Analysis

Earnings Trend: BSL's earnings have grown by 1.7% per year over the past 5 years.

Accelerating Growth: BSL's earnings growth over the past year (27.7%) exceeds its 5-year average (1.7% per year).

Earnings vs Industry: BSL earnings growth over the past year (27.7%) exceeded the Healthcare industry 12%.


Return on Equity

High ROE: BSL's Return on Equity (8.6%) is considered low.


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Financial Health

How is Raffles Medical Group's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BSL's short term assets (SGD439.1M) exceed its short term liabilities (SGD416.6M).

Long Term Liabilities: BSL's short term assets (SGD439.1M) exceed its long term liabilities (SGD152.1M).


Debt to Equity History and Analysis

Debt Level: BSL has more cash than its total debt.

Reducing Debt: BSL's debt to equity ratio has increased from 4.8% to 21.5% over the past 5 years.

Debt Coverage: BSL's debt is well covered by operating cash flow (76.1%).

Interest Coverage: BSL's interest payments on its debt are well covered by EBIT (20.7x coverage).


Balance Sheet


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.59%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BSL's dividend (1.59%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.34%).

High Dividend: BSL's dividend (1.59%) is low compared to the top 25% of dividend payers in the SG market (6.22%).


Stability and Growth of Payments

Stable Dividend: BSL's dividend payments have been volatile in the past 10 years.

Growing Dividend: BSL's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (39.9%), BSL's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (31.1%), BSL's dividend payments are well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

2.1yrs

Average management tenure


CEO

Choon Yong Loo (73 yo)

no data

Tenure

Dr. Choon Yong Loo co-founded Group Ltd in 1976. He served as its Non-Independent Executive Chairman at Raffles Medical Group Ltd since 1997 until January 01, 2022 and has been its Executive Chairman and E...


Leadership Team

Experienced Management: BSL's management team is considered experienced (2.1 years average tenure).


Board Members

Experienced Board: BSL's board of directors are considered experienced (4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Raffles Medical Group Ltd's employee growth, exchange listings and data sources


Key Information

  • Name: Raffles Medical Group Ltd
  • Ticker: BSL
  • Exchange: SGX
  • Founded: 1976
  • Industry: Health Care Facilities
  • Sector: Healthcare
  • Implied Market Cap: S$2.094b
  • Shares outstanding: 1.85b
  • Website: https://www.rafflesmedicalgroup.com

Number of Employees


Location

  • Raffles Medical Group Ltd
  • 585 North Bridge Road
  • Raffles Hospital, No. 11-00
  • Singapore
  • 188770
  • Singapore

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/27 00:00
End of Day Share Price2022/06/27 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


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.