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SG Daily: Raffles Medical: In Growth Mode, Backed by Resilient Earnings;
Buy, $3.09 - TP $3.70
Singapore Daily
Raffles Medical: In Growth Mode, Backed by Resilient Earnings; Buy, TP
$3.70
RFMD SP | Mkt Cap USD1.3b | ADTV USD0.8m
� Maintain BUY with DCF-based TP of SGD3.70, implying 27.6x FY14F.
Raffles Medical has secured a buyer for Thongsia building and expects to
complete the transaction on 31 October 2013. The disposal proceeds on top
of its strong recurring cash flows will provide strong ammunition to fund
its local and overseas expansion plans.
� Its resilient earnings are expected to be stronger on the back of the
revamped national healthcare scheme announced recently in the National
Day Speech.
� Expansion on the local front is still expected to start by this year.
On the China front, we believe a more concrete development could
materialize over the next 2 months.
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04-Sep 2013 Wednesday
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