Raffles Medical Group ‘a laggard on the recovery theme’: UOB Kay Hian

UOB Kay Hian analysts Lucas Teng and John Leong have maintained their “buy” call on Raffles Medical Group with an unchanged target price of $1.07. 

The analysts called the group a “laggard on the recovery theme” and expect local patient load to reach “normalised levels that are on a par with pre-Covid-19 admissions.” 

They note that medical services have largely seen a recovery in 2H2020, with private hospital admissions in Singapore down by only 9% y-o-y in Oct 2020.