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Raffles Medical
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enigma88
Member |
09-Feb-2026 11:14
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https://www.straitstimes.com/singapore/courts-crime/doctor-made-no-attempt-to-fix-surgical-error-which-led-to-patients-death-coroner
Wonder if this may have an impact. |
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SuperLuckyCorn
Supreme |
26-Dec-2025 12:01
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Well done, Dr Loo. We will slowly buy in bit by bit. Soon we will benefit together. |
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finjungle
Veteran |
19-Dec-2025 16:27
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Dr Loo may have the last laugh.......... Isn' t Perennial Group investing and developing hospitals in China?
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alexvar
Senior |
19-Dec-2025 13:52
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DFI Retail&rsquo s Mannings joins retail exodus after two decades in mainland China.
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alexvar
Senior |
26-Aug-2025 13:39
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While others (such as Thomson and IHH healthcare) are growing and investing in the profitable markets, Raffles Med is losing millions of SGD$ in China since 2016! Well done, Dr Loo Choon Yong! |
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alexvar
Senior |
25-Aug-2025 11:04
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Wow, one of the largest shareholders, Global Alpha Capital Management Ltd., has started dumping the RMG stock again! almost 2m shares sold on Aug 20. |
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alexvar
Senior |
25-Aug-2025 10:44
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Don' t you fret, shareholders! Maybe, just maybe, Raffles medical can get EBITDA break-even in China perhaps and possibly in 2026? And net profit from China maybe in 2036?! Don' t you fret, let RMG management lose money in China while their genius China strategy plays out since 2016! |
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MambaFinancial89
Veteran |
30-Jul-2025 16:23
Yells: "Be greedy when others are fearful. " |
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Analyst BUY calls and target prices as of 30 July 2025 following latest results announcement. UOB KH: $1.25 DBS: $1.32 Maybank: $1.13 CGS: $1.20 Hope the company continues to buyback shares aggressively as it did during yesterday' s trading. |
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All_Will_Win
Member |
29-Jul-2025 20:28
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Raffles medical start share buy back program again 1000 lots. Should be staying at 1 dollar leve💪 | ||
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alexvar
Senior |
29-Jul-2025 13:44
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what a joke company. Aims to grow its China business, and aims for China EBITDA profitability by 2026! as charlie munger said, EBITDA is B/S! maybe they can finally get a net profit from China in 2050 ?! dumb management - throwing good SGDs after bad Yuans ?! DYODD. |
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spursfan
Supreme |
28-Jul-2025 06:40
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Result Announcement for 1H 2025 Highlights of 1H 2025 Performance Group?s Revenue grew 3.5% to S$378.4 million Group Profit after Tax increased 5.0% to S$32.5 million Healthy cash position of S$334.2 million No interim div. https://links.sgx.com/1.0.0/corporate-announcements/82LTQBDNHG3XV0UX/853192_RafflesMedicalGroup_Media_Release_1H2025_Result_Announcement_28Jul2025.pdf |
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bamboo300306
Veteran |
27-Jun-2025 22:04
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No need to copy and paste so long write up. Just look around you, a lot of people is coughing . | ||
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MambaFinancial89
Veteran |
27-Jun-2025 18:03
Yells: "Be greedy when others are fearful. " |
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Resistant to tariff war, growth opportunities for Raffles Medical stays intact (The Edge, 26 June 2025) With global trade tensions rising and economic growth slowing, investors have been moving out of cyclical sectors in search of resilience and stability. Experts increasingly view healthcare as a defensive stronghold, offering essential services that stay in demand regardless of broader market conditions. In Singapore, Raffles Medical Group(RMG) stands out as a favoured pick among research analysts, as the group offers consistent financial performance with a long-term growth trajectory spanning Singapore, China and Southeast Asia. The global economic landscape has become increasingly volatile, driven in large part by protectionist policies and escalating tariffs, particularly between the US and China. While some sectors, such as electronics and manufacturing, are grappling with significant headwinds, healthcare remains relatively sheltered. The direct impact of US tariffs on Singapore is likely less severe than on other economies. The city-state maintains a tariff-free regime on most goods, including pharmaceuticals and medical devices, and continues to benefit from uninterrupted access to essential imports despite global disruptions. Dr Loo Choon Yong, executive chairman of RMG, tells The Edge Singapore in an interview that the city-state is a small yet affluent market that US exporters of medical goods are keen to protect. Singapore is less affected by tariffs, being hit with 10%, the lowest compared to the other countries. While Singapore has not yet announced what it intends to do, it has always remained a free-trade country. When it comes to importing healthcare consumables, Dr Loo says: I dont expect any change. In fact, the US dollar is expected to weaken and that will make these goods cheaper for us. While the healthcare export sector, particularly producers of test kits and contact lenses, may face some margin compression from tariffs, most domestically delivered healthcare services are expected to remain unaffected. Still, broader economic weakness could have indirect effects. Dr Loo notes that a trade war could trigger a global slowdown, potentially shifting healthcare demand depending on who you are providing the healthcare services to. That said, Dr Loo points out that healthcare services are essential, regardless of the economic cycle. When you are sick, you will spend the money on yourself. You dont need a Birkin bag or a Prada. If you are sick and don&rsquo t do the surgery [that is required], it will have serious health repercussions, he adds. This kind of inelastic demand makes healthcare a more resilient industry. In Singapore, funding healthcare demand is backed by a deeply rooted public policy framework. The governments longstanding commitment to co-funding healthcare costs via MediSave, MediShield Life and other schemes has helped create a well-capitalised, reliable ecosystem. Patients receive quality care at subsidised rates, while private players such as RMG offer additional capacity, specialisation and choice. Dr Loo says: We are lucky to be in Singapore, a country where the public sector has good quality and highly subsidised healthcare services for its people. With MediSave, which was started about 40 years ago, the Singapore government has already prepared Singaporeans to save for their future healthcare needs. The local healthcare system is also well-funded, so the service is reasonable. While RMG is a private hospital, it supports the public healthcare system through a programme that helps manage overflow from local hospitals. In addition, Dr Loo notes that the government requires all hospitals to accept emergency cases, particularly those involving 995 calls or ambulances needing urgent care. The patients will pay the government hospital rates, he continues, adding that aside from the emergency cases, the spillovers have declined after the Covid-19 pandemic. In Singapore, RMG has also built a $200 million health insurance business. Rather than offering general insurance or life products, the group focuses exclusively on health coverage &mdash a niche that aligns with its operational strengths and patient insights. RMG recently partnered with leading regional life insurer AIA, adding to its network of over 100 international insurance collaborators. The goal is not to compete directly with insurers but to serve as a trusted provider, says Dr Loo. As the insurance base grows, RMG benefits from scale efficiencies, shared risk management and better cost control. The same technological systems and clinical protocols used across its hospitals can also support the insurance side, improving margins and service delivery. RMG will mark its 50th anniversary next year, having come a long way since Dr Loo co-founded the business with just two clinics. Supportive public policies have played a key role in enabling the group&rsquo s long-term organic growth. Its vertically integrated model &mdash spanning general practice clinics to fully equipped hospitals &mdash ensures seamless patient care and greater cost efficiency. Crucially, RMG employs its own doctors and healthcare professionals rather than lease out clinic space &ndash a different operating model compared to its main local rival, IHH Healthcare. Many of these professionals also own shares in the group, ensuring alignment between patient outcomes and shareholder returns. RMGs approach is designed to attract and retain staff. Junior doctors receive performance-linked share options, while senior professionals are incentivised through equity and internal promotion opportunities. Dr Loo says that the group is careful when it comes to hiring staff, ensuring that they are not just in it for the money. Doctors do not stay because of bonuses, but because they feel part of something bigger. Rising wave of medical tourism Medical tourism is another growth lever for RMG. Despite strong competition from lower-cost destinations such as Thailand and South Korea, Singapore continues to attract high-net-worth individuals (HNWIs) from across Asia seeking complex treatments and specialist expertise. RMG&rsquo s brand reputation, high clinical standards and integration across the care continuum make it an attractive choice for international patients. This segment is expected to continue growing, albeit selectively. We&rsquo re not chasing mass volume, says Dr Loo, admitting that with Singapores strong currency and high healthcare costs, it will be tough for the overall industry to bring in medical tourists in droves. He believes that patients who come to Singapore are those who value reliability and safety, especially for procedures like surgery or paediatrics. They are also not price-sensitive. However, the group is cautious not to overcharge, noting that reputational damage from perceived profiteering can erode trust. Patients will pay for quality, but they must feel they are treated fairly and efficiently, adds Dr Loo. Investing in growth Although Singapores small and ageing population limits the addressable market size, RMG continues to find growth avenues. The group has developed a larger specialist centre in Holland Village &mdash a comfortable distance away from its main premises at North Bridge Road. The facility aims to expand outpatient capabilities and support the increasing complexity of care needs. The group acquired the Holland Village property from DBS Bank over a decade ago for $54.8 million and redeveloped it for around $65 million. The mixed-use property features a selection of retail shops, and more than 9,000 sq ft has been allocated to expanding the groups outpatient medical and specialist clinics. Additionally, RMG acts as landlord, leasing back 4,500 sq ft of space to DBS. When it comes to M& A, RMG remains opportunistic. In Singapore, M& A is not easy, says Dr Loo. Valuations are high, and with 85% of hospital beds in the public sector, theres limited scope for acquisition. While the group is open to M& A, any deal must be earnings-accretive and priced sensibly. We wont buy at an arm and a leg. If the right opportunity comes, we&rsquo ll look, but organic growth has served us well for decades. Beyond traditional hospital services, the group continues to explore ambulatory care and outpatient facilities, which allow for cost-effective scalability. Dr Loo says that there is still some room to grow for the groups clinic and ambulatory services business in Singapore, although not at a 20% to 30% growth rate. Apart from investing in organic and inorganic business growth, the group is also venturing into technology and artificial intelligence (AI). Dr Loo shares that the group sets aside a few million to improve and replace machines and technology in the hospital. Most recently, the group has implemented Total Laboratory Automation (TLA) to enhance operational efficiency, accuracy, and consistency. In response to rising labour costs and increasing test volumes, the system integrates robotics, data systems and sealed conveyor mechanisms to automate the entire laboratory process, from sample sorting to analysis. It looks like a toy train going around the lab, Dr Loo adds, but its a serious investment. The initiative easily results in about 20% cost savings in manpower and per-test efficiency for the group. More importantly, it enhances accuracy, minimises human error and shortens turnaround times. Overseas markets Besides the home market of Singapore, RMG has a significant presence in China. Due to the broader slowing down of its once-rapidly growing economy, Chinas healthcare industry is not increasing as rapidly as one would imagine. RMG remains committed to this market, operating three hospitals in Beijing, Shanghai and Chongqing. While some operators are feeling the squeeze, RMG has maintained focus on the upper 30% of the income bracket &mdash those with insurance or the ability to pay out of pocket for premium services. Healthcare is not a luxury in China its a necessity, says Dr Loo. He adds that the mass-market general practitioner-to-hospital model practised in Singapore does not exist in China. Patients go straight to large hospitals, and quality is in high demand. With a bigger is better mindset in China, RMG is hence focused on opening up hospitals, rather than clinics or ambulatory centres there. RMG&rsquo s Beijing hospital is already profitable, while the other two, which were built more recently, are scaling up. The Chongqing facility, a brownfield investment, and the Shanghai hospital, developed from scratch, may come with high upfront capex, but the group expects them to break even in the short term. RMG also has outpatient clinics in five Chinese cities. To broaden its China presence, RMG in March this year partnered with the historic Shanghai Renji Hospital. Under the collaboration, Raffles Hospital&rsquo s international-standard service system will be integrated into the domestic Chinese healthcare systems, while Renjis Chinese medical expertise will be promoted through Raffles Hospital&rsquo s global network. Two initiatives will be launched &mdash the Renji International Cloud Clinic, which enables cross-border telemedicine consultation with Renji physicians, and collaborative activities between the medical teams from both institutions. Most recently, in June, the group formally signed a strategic cooperation agreement with the First Affiliated Hospital of Chongqing Municipality to integrate international expertise with local strengths to enhance the overall medical service capabilities of Chongqing and benefit more patients in the city with high-quality medical resources. This strategic partnership signifies a tangible implementation of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity in the healthcare sector. It aligns with the Healthy China 2030 strategy and the call to deepen international medical cooperation, says Loo, adding that this partnership also offers a Chongqing model for international medical cooperation under the Belt and Road Initiative. RMG is also exploring outpatient clinics and rehabilitation centres as lower-cost, higher-return entry points into new markets within China. While management is not actively pursuing acquisitions, it remains open to opportunities that make strategic and financial sense. We cannot build hospitals like Lego, says Dr Loo, emphasising that it is as easy to expand when the beds in one hospital are full. The way Dr Loo sees it, there is still plenty of room for RMG to grow in China, but it will cost money. So, we are trying to think of various user spaces that will focus on outpatient care to rehabilitation, he says. As we grow and we do better, then we will be emboldened and encouraged to do more. But in the meantime, we are looking. Beyond China, RMG further expanded its presence in Vietnam by taking over the management of a hospital in Ho Chi Minh City in late 2023. Prior to this, the group was already operating three ambulatory care facilities in Vietnam and had an established footprint in the region. The group acquired a majority stake in American International Hospital (AIH) in Ho Chi Minh City valued at US$45.6 million ($58.64 million). RMG, which will fund the acquisition via its internal resources, did not disclose the exact stake it will hold in AIH. The facility had been operational for several years but struggled to turn a profit. Since RMG stepped in, operational metrics have improved, and the group expects a full turnaround in the near term. &ldquo This hospital started about four to five years ago, and since we took over managing it, it has done better, and we expect it to turn around soon, says Dr Loo. The business and assets are currently undergoing restructuring, and RMG is in discussions to take ownership, subject to Vietnamese regulatory approvals. The group is deploying its hospital management team and medical experts to ensure standards are brought in line with its wider network. Its coming along nicely, adds Dr Loo. RMG had previously expressed interest in entering the Malaysian market, specifically in Johor, to tap into the buzz of the upcoming Johor-Singapore Special Economic Zone and Rapid Transit System, although it has yet to announce any concrete plans. Dr Loo alludes to the untapped opportunities serving the growing proportion of older adults in China and Japan. However, these ambitions are likely further down the road, if at all. Young lady, we are already quite busy, he says when asked if he plans to expand his geographical presence. Capital management and outlook RMG continues to deliver steady financials. On Feb 24, RMG released its FY2024 ended Dec 31, 2024, results, which saw earnings for the full year decline by 31% y-o-y to $62.2 million due to lower government grants and the absence of the fair value gain of investment properties. In 2HFY2024, earnings rose 4.3% y-o-y to $31.6 million. Excluding fair value gain of investment properties, 2HFY2024 earnings would have been a 38% y-o-y gain. Revenue for the full-year period was 6.3% higher y-o-y at $751.6 million, while 2HFY2024 saw a 14.8% y-o-y increase to $385.9 million. This was due to higher contributions from across its business divisions &mdash hospital, healthcare and especially insurance services. On a full-year basis, RMG generated $86.3 million in cash from operating activities and has cash and cash equivalents totalling $343.7 million. We are accumulating cash faster than we can invest. So, we want to distribute that to our shareholders, says Loo. RMG has revised its dividend policy to pay out at least 50% of its sustainable earnings annually. For FY2024, it declared a final dividend of 2.5 cents, improving slightly from FY2023&rsquo s 2.4 cents. On top of that, RMG intends to buy back up to 100 million ordinary shares over the next two years, and help support earnings per share. We feel that shareholders will benefit, he says. If the group needs more cash, he says he is not worried because there is room to increase gearing. As of June 25, shares in RMG are trading at 95 cents, up about 13% ytd. This translates to a market capitalisation of $1.78 billion with a P/E of 28.4 times. However, at current levels, the share price is around two-thirds of the $1.55 peak achieved in October 2021 from the pandemic boost. Dr Loo is optimistic. Its businesses in both China and Vietnam are improving and are expected to contribute more moving forward. Meanwhile, Singapore, its home market, continues to grow steadily. Our operating efficiency is there, and although we had some headwinds on the insurance side, things are getting better now, says Dr Loo. Healthcare is less cyclical, more essential, and fundamentally resilient, he adds. And fortunately, current market uncertainties will affect us less than others. RMG outlook brightens Maybank Securities is reiterating its buy recommendation on RMG but with a higher target price of $1.13 from $1.03, given the groups more optimal capital structure. RMG is also the research house&rsquo s top pick in the Singapore healthcare sector. Analyst Eric Ong is positive on the groups latest agreement with Renji Hospital and also on the group&rsquo s overall outlook in China. The groups China hospitals look set to continue their positive trajectory in terms of patient volumes and revenue on increased service offerings and community engagement efforts, says Ong. Despite potential competition in China&rsquo s new health policy allowing wholly-foreign-owned hospitals, RMG remains optimistic about the immense opportunities in the country, given its growing brand recognition. Management expects its China operations to achieve ebitda breakeven by the end of FY2026 as it continues to ramp up its bed utilisation there. Meanwhile, in his June 23 report, RHB Group Researchs Shekhar Jaiswal is reiterating his buy call with an unchanged target price of $1.08. This follows the analyst upgrading RMG from neutral to buy earlier in April. While he calls RMG a defensive option in a volatile market, in his April report, he maintains an upbeat sentiment on the stock in June, as the group scales up on its partnerships in China. We remain positive on Raffles Medicals outlook, with healthcare revenue set to surpass prepandemic levels as patient loads normalise, and as hospital revenue grows, with China operations scaling up post Covid-19, says Jaiswal, who is in the view that strategic partnerships, such as Shanghais Renji Hospital and the First Affiliated Hospital of Chongqing Municipality, should enhance capabilities and support margin gains as the China unit moves towards ebitda-breakeven by 2026. |
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Joelton
Supreme |
11-Jun-2025 11:12
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Raffles Medical partners Chongqing hospital to enhance healthcare services
The partnership will combine international expertise with local strengths, says the group
[CHONGQING, CHINA] Raffles Medical Group : BSL -1.02% has inked a strategic cooperation agreement with a hospital in Chongqing, China, to deepen medical partnerships between the two.
In a press statement on Tuesday (Jun 10), Raffles Medical said that the aim is to combine international expertise with local strengths and enhance the overall medical service capabilities of Chongqing.
The group said it will work with the First Affiliated Hospital of Chongqing Municipality at the institutional, hospital and disciplinary levels.
Under the partnership, a new healthcare collaboration ecosystem focused on value co-creation and complementary strengths will be established. For instance, the two parties will engage in reciprocal visits and exchanges for medical, nursing, technical, pharmaceutical and administrative personnel.
They will also explore new models of cooperation such as dual-appointment talent systems, artificial intelligence applications, and alignment with international medical standards.
&ldquo These initiatives will inject quality-driven productivity into the sustainable development of both institutions and regional healthcare,&rdquo said the group.
Additionally, a new medical consortium will be introduced to facilitate the flow of medical resources. It will involve multidisciplinary collaboration, talent exchange and training, equipment sharing, and two-year referral mechanisms between the two.
Top expert teams from both hospitals will also convene for academic exchanges and consultations of complex cases, among others, to advance disciplinary development, said Raffles Medical.
&ldquo Chongqing Model&rdquo
The First Affiliated Hospital of Chongqing Municipality is a top-tier tertiary Class-A teaching hospital in China, it added.
Raffles Medical&rsquo s partnership with the hospital will offer a &ldquo Chongqing Model&rdquo for international medical cooperation under the Belt and Road Initiative, noted Dr Loo Choon Yong, the group&rsquo s executive chairman. The initiative &ndash previously known as China&rsquo s One Belt, One Road &ndash is the East Asian giant&rsquo s global economic plan to create regional connectivity through infrastructure development and promote world trade and economic growth.
This will further consolidate Chongqing&rsquo s status as an international medical hub city, said Dr Loo.
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HVRRVH
Elite |
19-May-2025 22:31
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Last Friday down a fair bit and today shot back up. So far no news on SBB. This upward movement could be due to some rumours on resurgent of covid. Would not add and just monitor. Hope to see China businesses stabilised and start contributing to profits first. | ||
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Joelton
Supreme |
09-Apr-2025 14:22
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Raffles Medical Group a defensive option in a volatile market
Amid a potential trade war and increasing tariffs globally, markets are expected to be volatile, at least for a long while. Amid such a backdrop, analysts like Raffles Medical Group (RMG) as a defensive option.
RHB Singapore analyst Shekhar Jaiswal has upgraded his call on RMG to &ldquo buy&rdquo from &ldquo neutral&rdquo with a higher target price of $1.08 fom 95 cents previously.
&ldquo We roll forward our valuation to blended forward earnings and increase the forward multiples to factor in the defensive nature of RMG&rsquo s earnings in the current uncertain macroeconomic environment,&rdquo says Jaiswal.
&ldquo We maintain our strong earnings growth outlook, which will be aided by higher revenue from its healthcare and hospital business segments, as well as its China operations gradually moving towards EBITDA breakeven in 2026,&rdquo he says, adding that earnings accretive acquisitions could further boost earnings.
The way Jaiswal sees it, the group&rsquo s healthcare revenue is expected to exceed pre-pandemic levels. In his previous report, Jaiswal noted that healthcare revenue in 2HFY2024 ended December 2024 is the &ldquo new run rate&rdquo as patient load has normalised and the segment is now &ldquo devoid of Covid-19-related revenue&rdquo .
Meanwhile, hospital revenue is expected to be boosted by China, as the hospitals there that were impact by the pandemic restrictions are now beginning to scale up operations.
The group has also recently partnered with China&rsquo s Renji Hospital, an affiliate of the Shanghai Jiao Tong University School of Medicine, which Jaiswal sees as an opportunity for the group to tap into the expertise of Renji&rsquo s specialists as it continues to ramp up its operations.
&ldquo Margins for RFMD&rsquo s hospital segment should also gradually improve as the China operations move towards EBITDA breakeven levels in 2026,&rdquo he adds.
KGI Research Singapore too is bullish on RMG. It has reiterated its &ldquo buy&rdquo call on RMG with a target price of $1.04 and a stop loss of 92 cents.
The research firm sees the Renji partnership as the group&rsquo s effort to &ldquo establish stronger ties&rdquo , as it aims to create a &ldquo dual circulation&rdquo system, allowing Raffles patients access to top Chinese specialists while offering Renji exposure to affluent patients across Asia.
&ldquo As China encourages domestic medical consumption and tourism, Singapore&rsquo s healthcare firms are well-positioned to expand their footprint,&rdquo says KGI, while noticing that Singapore-linked firms are making major strides in China&rsquo s healthcare sector despite economic headwinds.
KGI also likes the stock for its improved confidence and optimistic growth outlook. The group had recently revised its dividend policy to distribute at least 50% of its sustainable earnings annually and announcing plans to repurchase up to 100 million shares over the next two years.
Despite a 31% y-o-y decline in FY2024 net profit due to the cessation of Covid-19-related services and reduced government grants, RMG remains optimistic about its profitability in 2025 and anticipates continued expansion into new markets and meeting the rising demand for personalised healthcare.
China&rsquo s recent policy shift, allowing foreign healthcare providers to fully own hospitals in key regions like Beijing, Shanghai, and Guangzhou, presents a significant opportunity for RMG, says KGI. This allows the group to expand its footprint in China, capitalizing on its expertise to provide high-quality, personalized healthcare services tailored to both local and expatriate populations.
However, the group must also navigate regulatory requirements, such as the mandate that at least 50% of healthcare professionals in these hospitals must be from mainland China. By ensuring compliance and integrating international care standards, Raffles Medical can continue its expansion while maintaining high levels of service and reinforcing its brand presence in the Chinese healthcare sector.
RMG had also recently partnered with insurance group AIA. &ldquo This initiative is expected to enhance healthcare quality, improve patient access, and provide Raffles Medical with a larger base of AIA HealthShield Gold Max customers, driving higher patient volume,&rdquo says KGI.
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Secret_Squirrel
Elite |
08-Apr-2025 16:13
Yells: "Stay curious but skeptical" |
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Good to see share price up without share buyback. Last share buyback was on 28 March 2025 |
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Tob231
Elite |
07-Apr-2025 17:33
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many counters went down CICT, all the reits, Singpost, whatever ... not affected by tariffs also sell sell sell Raffles Medical, Thomson Medical, Q& M .... Genting, ShengSiong ... thought some are defensive stocks |
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Tob231
Elite |
07-Apr-2025 17:24
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i think so .... emotion took over the logic and sold down. medical and geographic is this region lei ... huat ah !!! 你 也 sell， 我 也 sell， 大 家 一 起 sell, sell, sell 🤣 🤣 🤣 🤣 🤣 🤣 |
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Sgvale
Supreme |
07-Apr-2025 16:56
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Hopefully tmr huat ah !!! | ||
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