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.

Equity Bottom-Up

<ul><li>Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.</li><li>The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.</li><li>Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.</li></ul>

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

<ul><li>Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.</li><li>Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.</li><li>Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.</li></ul>

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme.Aspial Lifestyle's Chairman increased his stake, acquiring 2,108,300 shares, amid a fund-raising initiative and earnings growth.Raffles Medical's Chairman increased his stake to 252,445,223 shares, focusing on China expansion and capital management.

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a> ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.</li>
<li>Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.</li>
<li>Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.</li>
</ul>



Raffles Medical Group (RFMD SP) ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.
Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.
Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.


Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Shares of integrated private healthcare provider <a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a> are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays. </li>
<li>FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. </li>
<li>Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from <a href="https://links.sgx.com/FileOpen/_Form%201%20-%20Dr%20Loo%20Choon%20Yong%20-%2028%20February%202024.ashx?App=Announcement&amp;FileID=790183" target="_blank" rel="noopener">53.033%</a> at the beginning of the year.</li>
</ul>


Shares of integrated private healthcare provider Raffles Medical Group (RFMD SP) are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays. 
FY23 numbers did no favours - top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. 
Of interest is Loo Choon Yong, RMG's founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from 53.033% at the beginning of the year.


Raffles Medical (RFMD SP): Loo Sees A Bargain

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/raffles-medical-group-ltd">Raffles Medical Group</a> (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing footprint in China and other parts of the region.</li>
 <li>The company's growth strategy is centered on expanding its hospital and clinic network, particularly in China, and capitalizing on the rising demand for quality healthcare driven by aging populations and increasing affluence.</li>
 <li>While facing challenges such as rising operating costs and execution risks in new markets, RMG's established brand, integrated healthcare model, and strong balance sheet position it well for long-term growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing footprint in China and other parts of the region.
  The company's growth strategy is centered on expanding its hospital and clinic network, particularly in China, and capitalizing on the rising demand for quality healthcare driven by aging populations and increasing affluence.
  While facing challenges such as rising operating costs and execution risks in new markets, RMG's established brand, integrated healthcare model, and strong balance sheet position it well for long-term growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Raffles Medical Group (RFMD SP) - Dec 2025

Singapore

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

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Raffles Medical Group (RFMD SP)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....

Tina Banerjee

Raffles Medical (RFMD SP): Loo Sees A Bargain

Loo buying is positive. I doubt this is a pre-cursor to the family relinquishing control, or a third party takeover. More one of the Loo family...

David Blennerhassett

Primer: Raffles Medical Group (RFMD SP) - Dec 2025

Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing...

αSK

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

Directors Increase Stakes, Including Aspial Lifestyle, Raffles Medical and Centurion

Singapore Telecommunications led buybacks with 25.5 million shares at S$4.76 each, under a S$2 billion programme. Aspial Lifestyle's Chairman...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

​Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....

Tina Banerjee

Raffles Medical (RFMD SP): Loo Sees A Bargain

Loo buying is positive. I doubt this is a pre-cursor to the family relinquishing control, or a third party takeover. More one of the Loo family...

David Blennerhassett

Primer: Raffles Medical Group (RFMD SP) - Dec 2025

Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing...

αSK

Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....