Broker Name: DBS
Date of Report: (Date not explicitly stated in the document. Inferred to be after FY25 results.)

Excerpt from DBS report.

Report Summary

• Raffles Medical Group reported FY25 PATMI of SGD70.6mn (+13.4% y/y) on SGD765.3mn of revenue (+1.8% y/y), driven by higher patient volumes, improved bill sizes, and operational efficiencies.
• The resilient Singapore core business underpins earnings stability and cash generation, supporting overseas expansion, while China operations and Raffles Health Insurance are expected to drive future growth.
• China revenues are gradually building, with narrowing losses as utilization improves; Raffles Health Insurance saw improved margins due to contract repricing and disciplined expense control.
• The board proposed a final dividend of 3.0 Scents, up from 2.5 Scents the previous year.
• DBS maintains a BUY call with a target price of SGD1.32, with further updates pending after the briefing.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com