Raffles Medical's Q1 profit drops 45.4%, but OCBC sees 'gradual recovery'

Singapore

OCBC Investment Research has issued a "buy" call on Raffles Medical Group even as the integrated healthcare provider on Monday reported a 45.4 per cent plunge in its profit after tax for the first quarter this year.

Noting that the group is on a "gradual recovery path", OCBC has upgraded its recommendation on Raffles Medical Group to "buy" from "hold" previously, while maintaining its fair value estimate on the counter at S$1.02.