Raffles Medical Group - Downgrade on valuations | I3investor

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Raffles Medical Group - Downgrade on valuations

StockFanatic

Publish date: Mon, 27 Jul 2015, 05:21 PM

RMG's 2Q15 results were below expectations. Continued weakness in the region has dampened medical tourism, with 2Q15's revenue growth (+7.2% yoy) mostly driven by increased domestic volume. With expansion plans dragging down margins, 2Q15 earnings growth was a slower 2.2% yoy, taking 1H15 earnings to 41% of our and consensus full-year forecasts. We lower our forecasts and SOP-based target price on slower topline growth, downgrading the stock from Hold to Reduce on valuation grounds. De-rating catalysts could come from slower than expected ramp up and further delays in expansion projects.

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