“Our new target price implies 2022F P/E of 39x, which is in line with the P/E multiple for regional (ASEAN) healthcare operators,” he explains.
News of the further opening of Singapore’s borders has pushed RHB Group Research to maintain its “buy” call on Raffles Medical, but at a revised target price of $1.65.
This is up 20 cents from its previous $1.45 call and is believed to give the counter a 12% upside from its $1.48 price on Oct 11, analyst Shekhar Jaiswal writes in a research note.
