Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Shares of integrated private healthcare provider <strong><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></strong> are currently languishing around a three low. RMG <em>does</em> 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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>CGS International reduces Venture's target price to $18.94 from $21.78.</li>
<li>Goldman Sachs starts ST Engineering with a 'buy' rating and $13.20 target.</li>
<li>SAC Capital lifts Lincotrade's target price to 52.9 cents, boosting order book.</li>
</ul>


CGS International reduces Venture's target price to $18.94 from $21.78.
Goldman Sachs starts ST Engineering with a 'buy' rating and $13.20 target.
SAC Capital lifts Lincotrade's target price to 52.9 cents, boosting order book.


Singapore Market Roundup (18-Sep-2026): CGS cuts Venture's target price to $18.94 from $21.78.

<ul><li>RHB sees Raffles Medical's 52-week low as a buying opportunity.</li><li>Citi starts 'buy/high risk' rating on SMID global leader CSE Global.</li><li>Maybank's Seet is bullish on Frencken, lowers target price after $100M placement.</li></ul>

RHB sees Raffles Medical's 52-week low as a buying opportunity.Citi starts 'buy/high risk' rating on SMID global leader CSE Global.Maybank's Seet is bullish on Frencken, lowers target price after $100M placement.

Singapore Market Roundup (10-Sep-2026): RHB views Raffles Medical's 52-week low as a buy signal.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%


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

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)

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

Singapore Market Roundup (18-Sep-2026): CGS cuts Venture's target price to $18.94 from $21.78.

CGS International cuts Venture's target price to $18.94. Goldman Sachs initiates ST Engineering with a 'buy' and $13.20 target.

Singapore Market Roundup

Singapore Market Roundup (10-Sep-2026): RHB views Raffles Medical's 52-week low as a buy signal.

RHB views Raffles Medical's 52-week low as a buying chance. Citi gives a 'buy/high risk' rating to CSE Global, while Maybank's Seet is bullish on...

Singapore Market Roundup

The Stocks to Own in ASEAN – Vol. 56

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain; nine stocks were...

A. Stotz Investment Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Singapore Market Roundup (18-Sep-2026): CGS cuts Venture's target price to $18.94 from $21.78.

CGS International cuts Venture's target price to $18.94. Goldman Sachs initiates ST Engineering with a 'buy' and $13.20 target.

Singapore Market Roundup

Singapore Market Roundup (10-Sep-2026): RHB views Raffles Medical's 52-week low as a buy signal.

RHB views Raffles Medical's 52-week low as a buying chance. Citi gives a 'buy/high risk' rating to CSE Global, while Maybank's Seet is bullish on...

Singapore Market Roundup

The Stocks to Own in ASEAN – Vol. 56

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain; nine stocks were...

A. Stotz Investment Research

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