RHB Group Research analyst Shekhar Jaiswal has upgraded Raffles Medical to “buy” from “neutral” with a higher target price of $1.29 from 91 cents previously.

The upgrade comes amid anticipation that the private medical provider will return to business as usual.

Jaiswal expects the group to deliver over 25% in profit growth over the next two years from its Singapore patient load returning to pre-pandemic levels in 2021, as well as revenue support from the vaccination drive.

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