“We applied the historical mean price-to-earnings or P/E (from 2012) of 30 times to
average FY2021-FY2022 earnings, plus 20 cents per share for its China hospitals,” she writes.
DBS Group Research’s Rachel Tan has upgraded her rating on Raffles Medical to “buy” from “hold” with a raised target price of $1.40, up from her previous target price of 95 cents.
