Raffles Medical maintained at 'hold' with $4.19 price target by DBS

Stock Name: Raffles Medical
Company Name: RAFFLES MEDICAL GROUP LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 4.19

SINGAPORE (Oct 28): DBS Group Research is keeping its "hold" call on Raffles Medical Group with a $4.19 target price.

The research house that while 3Q earnings look on track to meet expectations and expansion plans look positive for the medium term, the stock is already trading at 27x FY15F earnings.

In 3Q14 ended Sept, Raffles Medical's revenue and earnings grew 11% to $94.5 million and $15.5 million respectively.

Healthcare Services revenue increased 16.4%, led by higher patient load, expanded clinic network, and more healthcare insurance services.