The Positive
+ Growth in China. 2023 is effectively the first full year of operation for their new hospital in China, absent the pandemic interruptions. 2H23 revenue grew 20% YoY. Raffles is gradually gaining traction with foreign corporations operating in China. EBITDA break-even will require 2 to 3 years, but patient load is building momentum as marketing efforts intensify.
The Negative
– Revenue and margin collapse. Absent pandemic-related activities, including testing, vaccination, and even TCF, revenue and margins suffered. The pandemic provided extra services for Raffles and margins were high due to the urgency and limited competition.
Source: Phillip Capital Research - 28 Feb 2024
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