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Raffles Medical share price could fall even further, says CIMB

Jude Chan
Jude Chan6/20/2017 4:10 PM GMT+08  • 2 min read
Raffles Medical share price could fall even further, says CIMB
SINGAPORE (June 20): CIMB Research is keeping its “reduce” rating on Raffles Medical Group (RMG) and lowering its target price by 12 cents to $1.25.
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SINGAPORE (June 20): CIMB Research is keeping its “reduce” rating on Raffles Medical Group (RMG) and lowering its target price by 12 cents to $1.25.

Already, Raffles Medical has seen its share prices retreat by close to 5% after the hospital operator turned in a set of uninspiring results in 1Q17. But CIMB believes there is still room for the counter to fall further.

“Raffles Medical is still trading at 25.8x CY18 EV/EBITDA, above peers’ 19x and its 10-year mean of 20x,” says CIMB analyst Jonathan Seow in a Monday report. “As valuations are still lofty, we do not think we are at the bottom yet.”

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