Stock Name: RafflesMG
Company Name: RAFFLES MEDICAL GROUP LTD
Research House: OCBC
Company Name: RAFFLES MEDICAL GROUP LTD
Research House: OCBC
Raffles Medical Group (R01.SG) is up 0.5% at $2.15 vs STI which is off 0.6%, after the company releases its 4Q and FY10 earnings.
It also says it bought a 7-storey commercial property in Singapore’s Orchard Road belt for $92.08 million, where it intends to establish a Specialist Medical Centre.
It also says it bought a 7-storey commercial property in Singapore’s Orchard Road belt for $92.08 million, where it intends to establish a Specialist Medical Centre.
RMG’s 4Q net profit is +26.2% on year, +40.1% on quarter to $15.0 million, with revenue +9.0% on year and +4.3% on quarter to $63.5 million.
OCBC says the results are within its expectations, with FY10 revenue +9.4% at S$239.1 million, just 2.2% shy of its forecast and FY10 net profit is +19.5% at $45.3 million — 1.7% higher than its estimate; “the improved performance was attributed to growth from both its Hospital Services and Healthcare Services divisions.”
The house places its Hold rating and $2.35 fair value under review pending a company’s analyst briefing later, where it hopes to gather more insights on the latest acquisition and RMG’s outlook. The orderbook tips a $2.19 cap.
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