Growing interest in Raffles Medical as market factors in recovery
Its shares hit a new 52-week high of S$1.19 on Tuesday; RHB upgrades company to 'buy' from 'neutral'
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SHARES of Raffles Medical Group hit a new 52-week high of S$1.19 on Tuesday as the market begins to factor in a recovery in its operations and revenue. And the strength in sentiment looks set to continue.
RHB on Wednesday upgraded Raffles Medical to a "buy" from "neutral", with a higher target price of S$1.29 compared to S$0.91 previously, on expectations of business returning to normal for the private medical services provider.
In a report published on Wednesday, RHB analyst Shekhar Jaiswal said he expects Raffles Medical's recurring net profit to grow around 25 per cent per annum in each of 2021 and 2022.
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