Raffles Medical Group Ltd (SG:BSL)
SGX:BSL
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Raffles Medical Group
(SGX:BSL)
Select Model
Select Model
Rating:68Neutral
Price Target:
S$1.00
▲(0.00% Upside)
Action:ReiteratedDate:02/24/26
The score is driven mainly by stable financial performance—low leverage and improving 2025 free cash flow—tempered by softer/volatile margins and slowing revenue growth. Technicals are supportive with the stock trading above major moving averages, but valuation is a notable headwind due to a high P/E relative to a modest dividend yield.
Positive Factors
Conservative balance sheet
Sustained low leverage provides durable financial flexibility: it reduces refinancing and interest risks, supports funding of hospital/clinic capex or expansions, and cushions earnings during downturns. This strengthens long-term resilience and strategic optionality for investments or M&A.
Negative Factors
Slowing revenue growth
Top-line momentum has materially decelerated after recovery, indicating constrained demand expansion or pricing pressure. Slower revenue growth limits operating leverage and the runway for margin improvement, making future profit and cash-flow progression more dependent on efficiency gains or higher-margin services.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage provides durable financial flexibility: it reduces refinancing and interest risks, supports funding of hospital/clinic capex or expansions, and cushions earnings during downturns. This strengthens long-term resilience and strategic optionality for investments or M&A.
Read all positive factors
Raffles Medical Group (BSL) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.88B
Dividend Yield2.45%
Average Volume (3M)1.13M
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth8.90%
EPS Growth4.57%
CountrySG
Employees2,989
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.02
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$1.19Price Target Upside19.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.04
Revenue Forecast (FY)S$792.85M
Raffles Medical Group Business Overview & Revenue Model
Company Description
Raffles Medical Group Ltd provides integrated private healthcare services primarily in Singapore, Greater China, Vietnam, Cambodia, and Japan. The company operates through Healthcare Services, Hospital Services, and Investment Holdings segments. I...
How the Company Makes Money
Raffles Medical Group generates revenue through multiple streams, primarily from its outpatient and inpatient services, including consultations, treatments, and surgeries. The company operates its own hospitals and a network of clinics, which cont...
Raffles Medical Group Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 765.17M | 765.30M | 751.56M | 708.03M | 822.92M | 723.79M |
| Gross Profit | 348.63M | 136.74M | 486.14M | 315.94M | 639.98M | 580.52M |
| EBITDA | 117.45M | 134.72M | 133.40M | 132.89M | 235.87M | 161.27M |
| Net Income | 63.71M | 70.57M | 62.24M | 90.15M | 143.21M | 84.17M |
Balance Sheet | ||||||
| Total Assets | 1.49B | 1.43B | 1.53B | 1.53B | 1.50B | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 334.18M | 310.79M | 343.67M | 343.60M | 253.13M | 264.99M |
| Total Debt | 83.83M | 114.85M | 88.17M | 124.70M | 96.14M | 198.13M |
| Total Liabilities | 455.26M | 373.98M | 465.81M | 484.38M | 467.30M | 568.67M |
| Stockholders Equity | 1.02B | 1.06B | 1.05B | 1.03B | 1.02B | 960.79M |
Cash Flow | ||||||
| Free Cash Flow | 97.85M | 98.12M | 65.34M | 168.79M | 170.93M | 107.24M |
| Operating Cash Flow | 108.29M | 105.98M | 86.25M | 189.31M | 196.22M | 160.11M |
| Investing Cash Flow | -3.40M | -56.00M | -9.87M | -12.41M | -22.83M | -52.20M |
| Financing Cash Flow | -85.58M | -82.01M | -76.20M | -85.52M | -183.70M | -46.87M |
Raffles Medical Group Technical Analysis
Negative
1.00
Price Trends
1.01
Negative
1.01
Negative
1.01
Negative
Market Momentum
>-0.01
Positive
41.93
Neutral
8.47
Positive
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 is below the 20-day moving average (MA) of 1.02, below the 50-day MA of 1.01, and below the 200-day MA of 1.01, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.93 is Neutral, neither overbought nor oversold. The STOCH value of 8.47 is Positive, 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
1.00
0.03
3.00%
SG:A50
Thomson Medical Group Ltd.
0.06
0.01
22.22%
SG:1B1
HC Surgical Specialists Ltd
0.36
0.09
34.98%
SG:40T
ISEC Healthcare Ltd
0.32
-0.05
-13.98%
SG:5WA
OUE Lippo Healthcare Limited
0.03
<0.01
8.33%
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.