CGS-CIMB Research analyst Cezzane See is upgrading her recommendation on Raffles Medical to “add” from “hold” previously with an increased target price of $1.22, which represents a 12.9% upside on the stock as at her report dated May 28. 

Raffles Medical has a position as one of the key private players in supporting nationwide Covid-19 testing in Singapore, especially as Changi Airport’s dominant tester. 

“As Singapore ramps up PCR testing to 89k tests daily, [See forecasts] RFMD’s daily testing to reach [around] 6,000 per day in FY2021-2023F and to lift [their] FY2021-2023F earnings per share (EPS) by 12.1-15.9%.”

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