Maybank Securities has reiterated its “hold” call and dropped its target price to $1.10 from $1.15 previously, as RMG lack near-term re-rating catalysts.
Raffles Medical Group (RMG) on Jul 29 posted its 1HFY2024 ended June results which saw patmi decline by 48.8% y-o-y to $30.6 million, while revenue was 1.4% down y-o-y to $365.7 million. This was primarily due to the cessation of Covid-19 activities, which discontinued progressively from 1HFY2023.
Following the expected lacklustre earnings, analysts are keeping a “hold” on RMG, as the group lack near-term growth prospects.
