Raffles Medical Group Ltd (SG:BSL)
SGX:BSL
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Raffles Medical Group
(SGX:BSL)
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Rating:68Neutral
Price Target:
S$1.00
▼(-1.96% Downside)
Action:Reiterated
Date: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
Low leverage / strong balance sheet
Conservatively low leverage (debt-to-equity ~0.11 in 2025) provides durable financial flexibility to fund capex, selective expansion or M&A without stressing the balance sheet. This resilience helps absorb patient-volume cycles and supports creditworthiness over the medium term.
Negative Factors
Slowing revenue growth
Top-line momentum has slowed to +1.7% in 2025 after recovering from a 2023 decline. Prolonged sluggish revenue growth constrains scale benefits and revenue leverage, making it harder to improve margins and returns without new service lines, pricing power, or geographic expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Conservatively low leverage (debt-to-equity ~0.11 in 2025) provides durable financial flexibility to fund capex, selective expansion or M&A without stressing the balance sheet. This resilience helps absorb patient-volume cycles and supports creditworthiness over the medium term.
Read all positive factors
Raffles Medical Group (BSL) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.78B
Dividend Yield2.45%
Average Volume (3M)1.13M
Price to Earnings (P/E)36.6
Beta (1Y)0.42
Revenue Growth1.83%
EPS Growth14.03%
CountrySG
Employees2,989
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.04
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.04
Revenue Forecast (FY)S$799.80M
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
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 | 130.65M | 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 | 87.42M | 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
Neutral
1.02
Price Trends
0.97
Negative
0.97
Negative
0.97
Negative
Market Momentum
>-0.01
Negative
49.92
Neutral
60.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BSL, the sentiment is Neutral. The current price of 1.02 is above the 20-day moving average (MA) of 0.95, above the 50-day MA of 0.97, and above the 200-day MA of 0.97, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.92 is Neutral, neither overbought nor oversold. The STOCH value of 60.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:BSL.
Raffles Medical Group Peers Comparison
UnderperformOutperform
Sector (51)
SG:BSL
Raffles Medical Group
0.95
<0.01
0.53%
SG:A50
Thomson Medical Group Ltd.
0.06
0.01
30.95%
SG:1D4
Aoxin Q&M Dental Group Ltd.
0.26
0.22
602.70%
SG:40T
ISEC Healthcare Ltd
0.32
-0.03
-8.05%
SG:5WA
OUE Lippo Healthcare Limited
0.04
0.02
82.61%
SG:TBDD
Bangkok Dusit Medical Services Public Co Ltd Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
1.43
-0.09
-5.67%
Raffles Medical Group Corporate Events
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.