SINGAPORE (Apr 28): RHB Group Research is maintaining its “neutral” recommendation on Raffles Medical Group (RMG) with a slightly lowered target price of 93 cents from 96 cents previously.

Yesterday, the group announced that its 1Q20 profit after tax decreased by 45.4% to $7.5 million from $13.7 million in 1Q19. This was mainly due to the group’s China Healthcare Division, which was severely impacted by the Covid-19 pandemic.

This came on the back of a marginal 0.3% fall in revenue to $128.0 million, compared to $128.3 million a year ago.

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