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Raffles Medical Group (SG:BSL)
:BSL
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Raffles Medical Group (BSL) AI Stock Analysis

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SG:BSL

Raffles Medical Group

(OTC:BSL)

Rating:67Neutral
Price Target:
S$1.00
▼(-2.91% Downside)
Raffles Medical Group's overall stock score is driven by strong financial performance with revenue growth and a stable balance sheet. However, the declining profit margins and cash flow trends, coupled with a high P/E ratio, present potential risks. The positive technical indicators show bullish momentum, but caution is advised due to overbought signals.
Positive Factors
Collaboration and Expansion
Collaboration with public hospitals will help raise the number of visiting specialists to Raffles Hospital in China.
Insurance Profitability
Improved profitability in insurance is due to stricter assessment of claims.
Revenue Recovery
Revenue rebounded 14% from a recovery in elective surgeries and foreign patients in Singapore and a bounce in China volume.
Negative Factors
Cost Pressures
Cost pressures will rise with a salary increase for public healthcare workers.
Foreign Patient Loss
The loss of foreign patients, particularly Indonesians, to local healthcare services and Malaysia medical hubs continues to affect revenue.
Increased Competition
RFMD’s domestic hospital continues to face a challenging outlook, dragged by a strong Singapore dollar and stiff regional competition.

Raffles Medical Group (BSL) vs. iShares MSCI Singapore ETF (EWS)

Raffles Medical Group Business Overview & Revenue Model

Company DescriptionRaffles 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. Its flagship hospital is the Raffles Hospital, a tertiary care hospital that offers cancer, children and women care, Chinese medicine, counselling, dental, dialysis, diabetes and endocrinology, ear, nose, throat, eye, fertility, heart, internal medicine, neuroscience, pain management, rehabilitation, orthopedic, skin and aesthetics, surgery, nuclear medicine, and urology services. The company also offers emergency services, family medicine services, health screening, and various multi-disciplinary specialist clinic services. In addition, it trades in pharmaceutical and nutraceutical products, and diagnostic equipment; provides advisory and consultancy services, and develops IT solutions; and engages in research and experimental development on biotechnology, and life and medical science. Raffles Medical Group Ltd was founded in 1976 and is based in Singapore.
How the Company Makes MoneyRaffles Medical Group generates revenue through various streams, including patient fees for medical consultations, diagnostic tests, and treatment services provided in its clinics and hospitals. It also earns from corporate health plans and insurance services, catering to businesses seeking comprehensive healthcare packages for their employees. Additionally, the group has strategic partnerships with international insurance companies and healthcare providers, which enhance its service offerings and expand its customer reach. The company's strong presence in multiple countries and its focus on both local and expatriate populations contribute significantly to its earnings.

Raffles Medical Group Financial Statement Overview

Summary
Raffles Medical Group exhibits robust revenue growth and a stable balance sheet with low leverage and strong equity. However, declining profit margins and cash flow trends pose challenges to sustaining financial health.
Income Statement
72
Positive
Raffles Medical Group has shown consistent revenue growth over the years, with a notable increase from 2019 to 2024. The gross profit margin has been strong, indicating efficient cost management, but there is a declining trend in both EBIT and net profit margins over the recent years, which might suggest increasing operational costs or competitive pressures affecting profitability.
Balance Sheet
80
Positive
The company maintains a solid equity base relative to its assets, which is reflected in a healthy equity ratio. The debt-to-equity ratio is low, indicating conservative leverage. However, there has been a decrease in net income, which impacts the return on equity negatively. Overall, the balance sheet remains stable with strong liquidity.
Cash Flow
68
Positive
Operating cash flow remains positive, although it has decreased significantly from 2023 to 2024. Free cash flow has also declined in recent years, which could affect future growth investments. The free cash flow to net income ratio indicates a decent conversion of earnings into cash, but the declining trend raises concerns about cash generation sustainability.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue702.87M751.56M708.03M766.54M723.79M568.20M
Gross Profit363.54M486.14M315.94M639.98M580.52M432.43M
EBITDA98.33M133.40M132.89M235.87M161.27M125.09M
Net Income60.94M62.24M90.15M143.21M84.17M65.89M
Balance Sheet
Total Assets1.52B1.53B1.53B1.50B1.55B1.40B
Cash, Cash Equivalents and Short-Term Investments316.32M343.67M343.60M253.13M264.99M203.11M
Total Debt109.29M88.17M124.70M96.14M198.13M204.89M
Total Liabilities486.82M465.81M484.38M467.30M568.67M489.74M
Stockholders Equity1.02B1.05B1.03B1.02B960.79M899.00M
Cash Flow
Free Cash Flow74.46M65.34M168.79M170.93M107.24M69.67M
Operating Cash Flow97.19M86.25M189.31M196.22M160.11M133.15M
Investing Cash Flow-13.51M-9.87M-21.42M-22.83M-52.20M-62.19M
Financing Cash Flow-67.81M-76.20M-81.55M-183.70M-46.87M-20.88M

Raffles Medical Group Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.03
Price Trends
50DMA
1.00
Positive
100DMA
0.99
Positive
200DMA
0.92
Positive
Market Momentum
MACD
<0.01
Positive
RSI
54.13
Neutral
STOCH
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BSL, the sentiment is Positive. The current price of 1.03 is above the 20-day moving average (MA) of 1.02, above the 50-day MA of 1.00, and above the 200-day MA of 0.92, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.13 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BSL.

Raffles Medical Group Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
67
Neutral
S$1.94B30.036.20%2.43%8.90%4.57%
51
Neutral
$7.39B0.36-62.86%2.37%15.48%-2.68%
€953.21M82.500.07%
S$52.29M6.1922.81%
S$207.11M16.2214.45%
S$598.63M13.6450.31%
S$111.08M40.00-2.87%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:BSL
Raffles Medical Group
1.03
0.16
18.66%
DE:3H5
Thomson Medical Group Ltd.
0.04
0.01
33.33%
SG:1B1
HC Surgical Specialists Ltd
0.34
0.09
36.00%
SG:40T
ISEC Healthcare Ltd
0.36
0.00
0.00%
SG:5G3
TalkMed Group Ltd.
0.46
0.09
24.32%
SG:5WA
OUE Lippo Healthcare Limited
0.03
0.00
0.00%

Raffles Medical Group Corporate Events

Raffles Medical Group Enhances Leadership with Key Appointments
Jul 31, 2025

Raffles Medical Group has strengthened its leadership team by appointing Dr. Kenneth Wu and Dr. Sarah Lu as Co-Managing Directors for its Singapore Healthcare division, alongside the introduction of Mr. Terence Foo as the new Chief Technology Officer. These strategic appointments are expected to enhance the operational and commercial management of the Group’s healthcare services in Singapore and Indochina, potentially improving service delivery and expanding its market presence.

The most recent analyst rating on (SG:BSL) stock is a Buy with a S$1.10 price target. To see the full list of analyst forecasts on Raffles Medical Group stock, see the SG:BSL Stock Forecast page.

Raffles Medical Group Partners with Chongqing Hospital to Enhance Medical Services
Jun 10, 2025

Raffles Medical Group has entered into a strategic partnership with the First Affiliated Hospital of Chongqing Municipality to enhance medical cooperation between Singapore and Chongqing. This collaboration aims to integrate international expertise with local capabilities to improve Chongqing’s medical services, providing high-quality medical resources to benefit more patients in the city.

The most recent analyst rating on (SG:BSL) stock is a Buy with a S$1.10 price target. To see the full list of analyst forecasts on Raffles Medical Group stock, see the SG:BSL Stock Forecast page.

Raffles Medical Group Holds 36th Annual General Meeting
May 15, 2025

Raffles Medical Group Ltd recently held its 36th Annual General Meeting at Suntec Singapore International Convention & Exhibition Centre. The meeting was attended by key company directors and executives, along with auditors and legal advisors. The gathering focused on reviewing the company’s performance and strategic direction, which could have implications for its market positioning and stakeholder interests.

The most recent analyst rating on (SG:BSL) stock is a Buy with a S$1.12 price target. To see the full list of analyst forecasts on Raffles Medical Group stock, see the SG:BSL Stock Forecast page.

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.Date of analysis: Jul 29, 2025