Raffles Medical upgraded to 'buy', target raised to $5.10 by Maybank

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

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 5.10

SINGAPORE (May 21): Maybank Kim Eng has upgraded Raffles Medical Group to "buy" from "hold" and raised its price target to $5.10 from $3.89.

The revised target takes into account future contributions from the company's upcoming hospital in Shanghai.

"Raffles Medical can be considered an early entrant into China's private hospital segment, as most foreign investors only operate clinics and medical centres currently," Maybank Kim Eng analyst John Cheong wrote in a note today.