PhillipCapital is maintaining its “neutral” call on Raffles Medical with a revised target price of 94 cents. This is down 5 cents or 5.05% from its previous 99 cent call, analyst Tay Wee Kuang says in a July 29 note.

He believes the revised price will give the company a 4.9% upside from its 92 cent close on July 28.

Tay’s move is in response to the healthcare provider’s earnings for 1H2020 ended June where it posted a 38.2% drop in earnings to $17.2 million. This comes on the back of a deferment in elective surgeries and a dip in foreign patients, particularly during the circuit breaker period

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