Raffles Medical maintained at 'sell' with same $3.10 price target by Goldman Sachs

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

Research House: Golman Sachs

Price Call: SELL

Target Price: 3.10

SINGAPORE (Oct 28): Goldman Sachs is keeping its "sell" call on Raffles Medical Group with an unchanged price target of $3.10.

In an Oct 27 earnings review report, Goldman Sachs says that although Raffles Medical's healthcare services sales were higher than expected, hospital services sales continued to underperform. Margins also came under pressure rising labour costs.

In 3Q ended Sept, Raffles Medical's EBITDA was 10% higher at $21 million from a year ago.