Est. in 1976, Raffles Medical Group (RMG) has grown from only two clinics to be one of the leading medical groups in Singapore with the largest private group practice. The Group operates within three business segments, mainly healthcare services, hospital services and investment holdings.
Investment Thesis:
- Despite Raffles Medical Group’s fundamentals and strong economic moat, we believe paying a premium of 56%% based on current market prices to be unjustified.
- Stronger growth in Healthcare segment from FY2016E onwards with potential risks from competition within the region.
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