Raffles Medical Group (BSL) AI Stock Analysis

• Market Cap: $1.86B
• Dividend Yield: 2.55%
• Average Volume (3M): 1.06M
• Price to Earnings (P/E): 28.7
• Beta (1Y): 0.57
• Revenue Growth: 8.90%
• EPS Growth: 4.57%
• Country: SG
• Employees: 2,989
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.02
• Shares Outstanding: 1,884,544,900
• 10 Day Avg. Volume: 1,070,370
• 30 Day Avg. Volume: 1,062,666
• PEG Ratio: -0.82
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 2.10
• P/FCF Ratio: 24.16
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 2.29
• Enterprise Value/Gross Profit: 4.44
• Enterprise Value/Ebitda: 16.40
• 1Y Price Target: $1.20
• Price Target Upside: 22.53% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 66 Neutral
• Price Target: S$1.00 ▲(2.04% Upside)

Raffles Medical Group's overall score is driven by its strong financial performance, particularly in revenue growth and balance sheet stability. However, declining profit margins and cash flow trends, coupled with weak technical indicators and high valuation, present challenges. The absence of earnings call insights and corporate events limits further analysis.

Positive Factors

Negative Factors

Raffles Medical Group Business Overview & Revenue Model

Company Description

Raffles Medical Group Ltd provides integrated private healthcare services primarily in Singapore, Greater China, Vietnam, Cambodia, and Japan. The company operates through Healthcare Services, Hospital Services, and Investment Holdings segments. Its flagship hospital is the Raffles Hospital, a tertiary care hospital that offers cancer, children and women care, Chinese medicine, counselling, dental, dialysis, diabetes and endocrinology, ear, nose, throat, eye, fertility, heart, internal medicine, neuroscience, pain management, rehabilitation, orthopedic, skin and aesthetics, surgery, nuclear medicine, and urology services. The company also offers emergency services, family medicine services, health screening, and various multi-disciplinary specialist clinic services. In addition, it trades in pharmaceutical and nutraceutical products, and diagnostic equipment; provides advisory and consultancy services, and develops IT solutions; and engages in research and experimental development on biotechnology, and life and medical science. Raffles Medical Group Ltd was founded in 1976 and is based in Singapore.

How the Company Makes Money

Raffles Medical Group generates revenue through various streams, including patient fees for medical consultations, diagnostic tests, and treatment services provided in its clinics and hospitals. It also earns from corporate health plans and insurance services, catering to businesses seeking comprehensive healthcare packages for their employees. Additionally, the group has strategic partnerships with international insurance companies and healthcare providers, which enhance its service offerings and expand its customer reach. The company's strong presence in multiple countries and its focus on both local and expatriate populations contribute significantly to its earnings.

Raffles Medical Group Financial Statement Overview

Summary

Raffles Medical Group shows strong revenue growth and a solid balance sheet with low leverage. However, declining profit margins and cash flow trends are concerning, indicating potential challenges in operational efficiency and cash generation.

Income Statement

Raffles Medical Group has shown consistent revenue growth over the years, with a notable increase from 2019 to 2024. The gross profit margin has been strong, indicating efficient cost management, but there is a declining trend in both EBIT and net profit margins over the recent years, which might suggest increasing operational costs or competitive pressures affecting profitability.

Balance Sheet

The company maintains a solid equity base relative to its assets, which is reflected in a healthy equity ratio. The debt-to-equity ratio is low, indicating conservative leverage. However, there has been a decrease in net income, which impacts the return on equity negatively. Overall, the balance sheet remains stable with strong liquidity.

Cash Flow

Operating cash flow remains positive, although it has decreased significantly from 2023 to 2024. Free cash flow has also declined in recent years, which could affect future growth investments. The free cash flow to net income ratio indicates a decent conversion of earnings into cash, but the declining trend raises concerns about cash generation sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	702.87M	751.56M	708.03M	766.54M	723.79M	568.20M
Gross Profit	363.54M	486.14M	315.94M	639.98M	580.52M	432.43M
EBITDA	98.33M	133.40M	132.89M	235.87M	161.27M	125.09M
Net Income	60.94M	62.24M	90.15M	143.21M	84.17M	65.89M
Balance Sheet
Total Assets	1.52B	1.53B	1.53B	1.50B	1.55B	1.40B
Cash, Cash Equivalents and Short-Term Investments	316.32M	343.67M	343.60M	253.13M	264.99M	203.11M
Total Debt	109.29M	88.17M	124.70M	96.14M	198.13M	204.89M
Total Liabilities	486.82M	465.81M	484.38M	467.30M	568.67M	489.74M
Stockholders Equity	1.02B	1.05B	1.03B	1.02B	960.79M	899.00M
Cash Flow
Free Cash Flow	74.46M	65.34M	168.79M	170.93M	107.24M	69.67M
Operating Cash Flow	97.19M	86.25M	189.31M	196.22M	160.11M	133.15M
Investing Cash Flow	-13.51M	-9.87M	-21.42M	-22.83M	-52.20M	-62.19M
Financing Cash Flow	-67.81M	-76.20M	-81.55M	-183.70M	-46.87M	-20.88M

Raffles Medical Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BSL, the sentiment is Negative. The current price of 0.98 is below the 20-day moving average (MA) of 1.01, below the 50-day MA of 1.02, and above the 200-day MA of 0.95, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 28.77 is Positive, neither overbought nor oversold. The STOCH value of 8.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BSL.

Raffles Medical Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BSL	66 Neutral	$1.86B	28.72	6.20%	2.55%	8.90%	4.57%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Raffles Medical Group Corporate Events

Raffles Medical Group Enhances Leadership with Key Appointments

Raffles Medical Group has strengthened its leadership team by appointing Dr. Kenneth Wu and Dr. Sarah Lu as Co-Managing Directors for its Singapore Healthcare division, alongside the introduction of Mr. Terence Foo as the new Chief Technology Officer. These strategic appointments are expected to enhance the operational and commercial management of the Group’s healthcare services in Singapore and Indochina, potentially improving service delivery and expanding its market presence.

The most recent analyst rating on (SG:BSL) stock is a Buy with a S$1.10 price target. To see the full list of analyst forecasts on Raffles Medical Group stock, see the SG:BSL Stock Forecast page.