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Raffles Medical Group
(SGX:BSL)
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Rating:66Neutral
Price Target:
S$0.96
▼(-6.27% Downside)
Action:Reiterated
Date:08/06/26
The score is anchored by solid financial stability (low leverage and good cash conversion) but capped by slowing/negative recent revenue growth and lower margins versus prior peaks. Technicals are the main near-term headwind with the stock below key moving averages and weak momentum, while valuation is neutral-to-slightly supportive due to the dividend offsetting a higher P/E.
Positive Factors
Low leverage
A very low debt/equity (~0.08x) materially reduces financial risk and preserves strategic optionality. Over the next 2–6 months this balance-sheet strength supports resilience in downturns, capacity for targeted investment or acquisitions, and maintains liquidity for operations and dividends.
Negative Factors
Slowing revenue growth
Revenue has decelerated into slight decline, reflecting a weakening top-line trend. Over the coming months, a sustained slowdown constrains margin recovery, reduces economies of scale in clinical operations, and limits capacity to reaccelerate profit growth without structural demand or mix improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
A very low debt/equity (~0.08x) materially reduces financial risk and preserves strategic optionality. Over the next 2–6 months this balance-sheet strength supports resilience in downturns, capacity for targeted investment or acquisitions, and maintains liquidity for operations and dividends.
Read all positive factors
Raffles Medical Group (BSL) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.64B
Dividend Yield3.45%
Average Volume (3M)1.13M
Price to Earnings (P/E)23.8
Beta (1Y)0.30
Revenue Growth-3.18%
EPS Growth6.71%
CountrySG
Employees2,900
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,884,544,900
10 Day Avg. Volume1,100,720
30 Day Avg. Volume1,133,593
Financial Highlights & Ratios
PEG Ratio1.95
Price to Book (P/B)1.78
Price to Sales (P/S)2.47
P/FCF Ratio19.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.02Price Target Upside0.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Raffles Medical Group Business Overview & Revenue Model
Company Description
Raffles Medical Group Ltd (RMG), a prominent Singapore-headquartered company, delivers integrated private healthcare services across Singapore, Greater China, Vietnam, Cambodia, and Japan. Its operations are structured into Healthcare Services, Ho...
How the Company Makes Money
Raffles Medical Group generates revenue primarily by delivering healthcare services to patients and corporate clients across its clinic and hospital network. Key revenue streams include: (1) Outpatient services: fees from consultations at primary ...
Raffles Medical Group Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
84
Very Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 740.31M | 765.30M | 751.56M | 708.03M | 822.92M | 723.79M |
| Gross Profit | 328.32M | 136.74M | 486.14M | 315.94M | 639.98M | 580.52M |
| EBITDA | 113.62M | 130.65M | 133.40M | 132.89M | 235.87M | 161.27M |
| Net Income | 67.48M | 70.57M | 62.24M | 90.15M | 143.21M | 84.17M |
Balance Sheet | ||||||
| Total Assets | 1.38B | 1.43B | 1.53B | 1.53B | 1.50B | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 262.30M | 310.79M | 343.67M | 343.60M | 253.13M | 264.99M |
| Total Debt | 34.18M | 87.42M | 88.17M | 124.70M | 96.14M | 198.13M |
| Total Liabilities | 342.35M | 373.98M | 465.81M | 484.38M | 467.30M | 568.67M |
| Stockholders Equity | 1.04B | 1.06B | 1.05B | 1.03B | 1.02B | 960.79M |
Cash Flow | ||||||
| Free Cash Flow | 101.22M | 98.12M | 65.34M | 168.79M | 170.93M | 107.24M |
| Operating Cash Flow | 109.28M | 105.98M | 86.25M | 189.31M | 196.22M | 160.11M |
| Investing Cash Flow | -3.39M | -56.00M | -9.87M | -12.41M | -22.83M | -52.20M |
| Financing Cash Flow | -179.14M | -82.01M | -76.20M | -85.52M | -183.70M | -46.87M |
Raffles Medical Group Technical Analysis
Negative
1.02
Price Trends
0.92
Negative
0.95
Negative
0.96
Negative
Market Momentum
-0.02
Positive
29.52
Positive
21.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BSL, the sentiment is Negative. The current price of 1.02 is above the 20-day moving average (MA) of 0.90, above the 50-day MA of 0.92, and above the 200-day MA of 0.96, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 29.52 is Positive, neither overbought nor oversold. The STOCH value of 21.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BSL.
Raffles Medical Group Peers Comparison
UnderperformOutperform
Sector (51)
SG:BSL
Raffles Medical Group
0.87
-0.14
-13.69%
SG:A50
Thomson Medical Group Ltd.
0.05
<0.01
17.39%
SG:1D4
Aoxin Q&M Dental Group Ltd.
0.24
0.19
459.52%
SG:40T
ISEC Healthcare Ltd
0.32
-0.04
-10.76%
SG:5WA
OUE Lippo Healthcare Limited
0.04
0.01
50.00%
SG:TBDD
Bangkok Dusit Medical Services Public Co Ltd Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
1.52
-0.06
-3.98%
Raffles Medical Group Corporate Events
Raffles Medical Group Reshapes Corporate Secretariat, Retains Key Financial Leader
Jul 1, 2026
Raffles Medical Group has appointed Ms Yap Chew Fern and Ms Wong Sien Ting as joint company secretaries with effect from 1 July 2026, replacing Mrs Kimmy Goh, who will step down from the company secretary role. The board emphasized continuity in g...
Raffles Medical Shareholders Back Dividend, Board Line-Up and New Auditor at AGM
May 13, 2026
Raffles Medical Group held its 37th annual general meeting in Singapore, where shareholders reviewed the audited financial statements for the year ended 31 December 2025 and confirmed the group’s financial performance. The meeting also endor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.