External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.</li><li>With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.</li><li>Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Raffles Medical's share price has corrected by 10% in the last one month.</li><li>With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock.</li><li>Reiterate BUY and S$1.75 target price, 33% upside and ~3% yield</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical's share price has corrected by 10% in the last one month.With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock.Reiterate BUY and S$1.75 target price, 33% upside and ~3% yieldContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.</li><li>The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.</li><li>Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.</li></ul>

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.

Bright Spots in Singapore's Healthcare sector

<ul><li>What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.</li><li>Singapore banks benefited from rising interest rates and reported an increase in net interest margin (NIM) and higher profits in 2Q22.</li></ul>

What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.Singapore banks benefited from rising interest rates and reported an increase in net interest margin (NIM) and higher profits in 2Q22.

What's Trending - SG Banks & Notable earnings

<ul><li>FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining 3.2 per cent, the Hang Seng Index falling 5 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.</li><li>Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$156 million of net inflows, following on from S$111 million of net outflow for the preceding 5 sessions.</li><li>On Aug 2, Baker Technology executive director Benety Chang acquired 132,000 shares of the company at an average price of 44.9 cents per share.</li></ul>

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining 3.2 per cent, the Hang Seng Index falling 5 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$156 million of net inflows, following on from S$111 million of net outflow for the preceding 5 sessions.On Aug 2, Baker Technology executive director Benety Chang acquired 132,000 shares of the company at an average price of 44.9 cents per share.

Raffles Medical chair ups stake following H1 2022 results

Singapore

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

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Raffles Medical Group (RFMD SP)

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock. Reiterate BUY and...

RHB Invest

Bright Spots in Singapore's Healthcare sector

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval...

Singapore Exchange Ltd (SGX)

Raffles Medical chair ups stake following H1 2022 results

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

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Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target...

UOB Kay Hian

Raffles Medical Group - Recent Correction Offers Opportunity To BUY

With no change in its fundamental outlook and our investment thesis, we see this as an opportunity to accumulate the stock. Reiterate BUY and...

RHB Invest

Bright Spots in Singapore's Healthcare sector

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval...

Singapore Exchange Ltd (SGX)

What's Trending - SG Banks & Notable earnings

What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending...

Singapore Exchange Ltd (SGX)

Raffles Medical chair ups stake following H1 2022 results

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining...

Singapore Exchange Ltd (SGX)