The company also recorded 61.4% y-o-y growth in operating profit, while operating margins expanded by 8.8 percentage points y-o-y. Llelleythan expects operating margins to contract slightly in 2023, dragged by higher inflationary cost push and an ongoing shortage of healthcare workers in Singapore.
Analysts at UOB Kay Hian, Maybank Securities and OCBC Investment Research (OIR) lift their target prices for Raffles Medical Group (SGX:BSL
) (RMG) to $1.85, $1.65 and $1.60 respectively following the company’s FY2022 results announcement.
RMG announced record revenue and patmi at $766.5 million and $143.5 million respectively, forming 99% and 107.2% of UOBKH’s Llelleythan Tan Yi Rong’s full-year forecast. The analyst, who has maintained his “buy” call, expects revenue to soften in 2023 on the back of lower Covid-19 related revenue.
