“That said, the return of foreign patients seeking high-end medical treatments in Singapore saw external revenue from its hospital services division rise 8.3% y-o-y to $139.8 million,” says Ong.
Analysts at CGS-CIMB Research, Maybank Securities, RHB Bank Singapore and PhillipCapital have kept their “add” and “buy” calls on Raffles Medical Group (SGX:BSL
) following its 1HFY2023 ended June results announcement.
Raffles Medical is Maybank’s preferred pick in the healthcare sector. However, analyst Eric Ong highlights that the company’s 1HFY2023 turnover fell 9.5% y-o-y to $370.9 million, mainly due to fewer Covid-19 related activities especially PCR test and diagnostic revenues.
