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Quite a number of days of share buyback in Nov.
As of 15 Dec, only 3 days of share buyback so far.
Raffles Medical scoops up more shares Wing Tai chairman?s stake climbs further
Published Sun, Dec 03, 2023 · 10:28 pm
https://www.businesstimes.com.sg/companies-markets/raffles-medical-scoops-more-shares-wing-tai-chairmans-stake-climbs-further
If buy at yesterday ICU price of $1.02, today sell at $1.05 also not bad.
bishan22 ( Date: 30-Nov-2023 09:12) Posted:
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Back to ICU. 🤣 🤣 🤣
Hospitals in China now business very good.
Don't know how Raffles Medical fair in China.
Warrenz ( Date: 21-Nov-2023 02:35) Posted:
| Today bought 110,000 shares at $1.07 |
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Today bought 110,000 shares at $1.07
Today SBB 400,000, lowest $1.05 and highest $1.06
Last Friday SBB 350,000 lowest $1.05 and highest $1.06
Sgvale ( Date: 14-Nov-2023 14:16) Posted:
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SBB Stops?
Raffles Medical resumes share buybacks post Q3FY23 business update
INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Nov 9, with S$313 million of net institutional outflow, as 18 primary-listed companies conducted buybacks with a total consideration of S$4.3 million.
Sembcorp Industries : U96 -1.37% led the share buyback consideration tally, buying back 357,000 shares at an average price of S$4.85 per share. On Nov 6, the company announced its 2023-2028 strategic plan, reaffirming its commitment to transform its portfolio from brown to green and drive energy transition.
Raffles Medical Group : BSL -0.94% acquired 1.35 million shares at an average price of S$1.05 between Nov 7 and Nov 9. This represented 0.07 per cent of its issued shares (excluding treasury shares). These were the first buybacks conducted by the company since June 2022. On Nov 6, Raffles Medical Group provided a business update, noting that its financial performance moderated in Q3FY23 (ended Sep 30) with profit after tax at S$12.4 million, as compared to the exceptional result of S$38 million in Q3FY22. The group added that its core operations in Singapore remain strong and profitable. Raffles Medical Group executive chairman Dr Loo Choon Yong also highlighted that the group plans to grow and expand its patient base by offering integrated healthcare services solutions that are tailored to meet client needs. He added the group is focused on growing in a value accretive manner and improving the operational leverage of its existing businesses.
Digital Core Reit : DCRU 0% Management also bought back units of Digital Core Reit between Nov 6 and Nov 9.
Leading the net institutional outflow were DBS Group Holdings : D05 -0.57%, Yangzijiang Shipbuilding : BS6 +1.36%, Singtel : Z74 -1.67%, Singapore Airlines : C6L -1.11%, Genting : G13 -1.73% Singapore : S51 -0.92%, Seatrium : S51 -0.92%, UOB : U11 -0.94%, Keppel Reit : K71U +0.62%, CapitaLand Integrated Commercial Trust : C38U -1.65%, and City Developments : C09 -2.1%.
Meanwhile, OCBC : O39 -0.69%, Venture Corporation : V03 -0.08%, UOL Group : U14 -0.33%, Frasers Logistics & Commercial Trust : BUOU 0%, Sembcorp Industries, iFast Corporation : AIY +0.14%, ComfortDelGro : C52 -0.75%, Sheng Siong : OV8 -0.63%, Sats : S58 0% and SIA Engineerin : S59 -2.53%g led the net institutional inflow.
The five trading sessions saw 65 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Substantial shareholders filed eight acquisitions and six disposals.
Share buy back today 650,000 lowest $1.06, highest $1.07...
Analysts tried to look for follower to push lower, so can profit from initial short sell, so they " cook" the " stories" .
Hmm...now big sharks and analysts panic.
MambaFinancial89 ( Date: 08-Nov-2023 17:25) Posted:
Analysts downgrade, trim TP on Raffles Medical after ' margins collapsed' in 3QFY2023
Analysts have downgraded or cut their target prices on Raffles Medical Group BSL 2.97% after it posted profit after tax of $12.4 million for the 3QFY2023 ended Sept 30, 67.4% lower y-o-y.
Among four research houses, PhillipCapital Research head Paul Chew has issued the most severe cut. In a Nov 8 note, Chew downgrades Raffles Medical to &ldquo neutral&rdquo from &ldquo buy&rdquo with a lower target price of $1.02, down from $1.76.
Raffles Medicals margins have collapsed, notes Chew. &ldquo Margin weakness was from the loss of high-margin vaccination and testing services. Other expenses such as utilities and staff costs continue to climb. There were only moderate price increases during the period.&rdquo
Revenue, too, was down sharper than expected, says Chew. &ldquo We believe the drag in revenue came from lower pandemic-related vaccination and test service at the clinics and centres and softer foreign patient revenue. Revenue at the GP clinics is normalising back to pre-pandemic levels. Foreign patient volumes are below expectations due to the rising cost in Singapore.&rdquo
Chew says he had expected weaker earnings as pandemic-related revenue comes to an end. &ldquo But some of the weakness was to be offset by higher prices, foreign patients and the Transitional Care Facilities (TCF). Foreign patients' admissions were softer than expected due to rising costs in Singapore and price increases were moderate.&rdquo
Today, Raffles Medical no longer operates any joint vaccination and testing centres (JVTCs), and its TCF at the Changi Expo is providing stepped-down care.
Meanwhile, Maybank Securities analyst Eric Ong cites &ldquo limited near-term catalysts&rdquo and downgrades Raffles Medical to &ldquo hold&rdquo from &ldquo buy&rdquo in a Nov 6 note, while trimming his target price to $1.30 from $1.65 previously.
3QFY2023 net profit after tax came in &ldquo way below our and market expectations&rdquo , says Ong. &ldquo This took 9MFY2023 earnings to $72.8 million, down 25.6% y-o-y, which forms 61% of Maybank&rsquo s forecasts for FY2023. Even considering the high base last year, we deem the results as disappointing given the group still recorded revenue of $371 million and patmi of $60 million in 1HFY2023 notwithstanding the tapering of Covid-19 activity.&rdquo
According to management, patient visits to the groups China operations have increased with the end of Covid-19 restrictions early this year. Although revenue has improved, its hospitals in Shanghai and Chongqing are still in the developmental phase and continue to incur gestational costs.
To achieve better operating efficiencies, Raffles Medical has started rationalising its China operations by shifting its resources to specialties with higher demand, as well as deploying some of its nurses from Chongqing to its Shanghai hospital.
Ong cuts his FY2023-2025 profit estimates by 25%-27% due to lower topline and margin assumptions.
Raffles Medical has benefitted from the strong recovery of local and foreign patients post Covid-19 in Singapore, notes DBS Group Research analyst Rachel Tan, but its earnings growth will moderate in FY2023 ended December given the &ldquo exceptionally high base&rdquo of last year.
In FY2022, Raffles Medical delivered its strongest earnings in history, 80% above that of its last high in 2013, when it recorded a disposal gain. &ldquo Given the moderation seen in 3QFY2023 post the normalisation of healthcare activities, we lower our FY2023-2024 earnings by 36% to 47% and expect earnings to likely bottom in FY2024 should the trajectory continue.&rdquo
This could cap the share price upward momentum, she adds. In a Nov 7 note, Tan is maintaining &ldquo hold&rdquo with a lower target price of $1.00 from $1.48 previously. &ldquo In the medium term, we remain positive on the prospects of its China operations with a further upside from its fourth hospital in the long term.&rdquo
CGS-CIMB Research analyst Tay Wee Kuang notes that only revenue and profit after tax were disclosed for 3QFY2023, and &ldquo no granularity of its financials beyond revenue and PAT was provided&rdquo .
In a Nov 7 note, Tay is keeping &ldquo add&rdquo on Raffles Medical with a lower target price of $1.20 from $1.77 previously.
For Raffles Medicals flagship hospitals in Chongqing and Shanghai, management guided for ongoing gestational losses for three years of their operations before EBITDA breakeven by the end of the third year, or FY2025.
Management also shared that Raffles Medicals health insurance arm RHI saw more claims during the quarter, which negatively impacted Raffles Medicals profitability as some health insurance policies offered by RHI covers healthcare services provided by public hospitals and other private hospitals.
Management noted that the higher quantum of claims was a result of both higher number of claims, as well as medical cost inflation, and RHI is considering revising its insurance premiums to offset higher costs, notes Tay.
As at 3.47pm, shares in Raffles Medical are trading 3 cents higher, or 2.97% up, at $1.04. |
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Share buy back 500,000 lowest $1.03, highest $1.04... think they will keep on doing it until the right price!
Elf2000 ( Date: 08-Nov-2023 13:48) Posted:
I meant today if there is a sbb at $1.03.
huattuatua ( Date: 08-Nov-2023 13:37) Posted:
1.01 yesterday
refer to sgx announcemen |
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Analysts downgrade, trim TP on Raffles Medical after ' margins collapsed' in 3QFY2023
Analysts have downgraded or cut their target prices on Raffles Medical Group BSL 2.97% after it posted profit after tax of $12.4 million for the 3QFY2023 ended Sept 30, 67.4% lower y-o-y.
Among four research houses, PhillipCapital Research head Paul Chew has issued the most severe cut. In a Nov 8 note, Chew downgrades Raffles Medical to &ldquo neutral&rdquo from &ldquo buy&rdquo with a lower target price of $1.02, down from $1.76.
Raffles Medicals margins have collapsed, notes Chew. &ldquo Margin weakness was from the loss of high-margin vaccination and testing services. Other expenses such as utilities and staff costs continue to climb. There were only moderate price increases during the period.&rdquo
Revenue, too, was down sharper than expected, says Chew. &ldquo We believe the drag in revenue came from lower pandemic-related vaccination and test service at the clinics and centres and softer foreign patient revenue. Revenue at the GP clinics is normalising back to pre-pandemic levels. Foreign patient volumes are below expectations due to the rising cost in Singapore.&rdquo
Chew says he had expected weaker earnings as pandemic-related revenue comes to an end. &ldquo But some of the weakness was to be offset by higher prices, foreign patients and the Transitional Care Facilities (TCF). Foreign patients' admissions were softer than expected due to rising costs in Singapore and price increases were moderate.&rdquo
Today, Raffles Medical no longer operates any joint vaccination and testing centres (JVTCs), and its TCF at the Changi Expo is providing stepped-down care.
Meanwhile, Maybank Securities analyst Eric Ong cites &ldquo limited near-term catalysts&rdquo and downgrades Raffles Medical to &ldquo hold&rdquo from &ldquo buy&rdquo in a Nov 6 note, while trimming his target price to $1.30 from $1.65 previously.
3QFY2023 net profit after tax came in &ldquo way below our and market expectations&rdquo , says Ong. &ldquo This took 9MFY2023 earnings to $72.8 million, down 25.6% y-o-y, which forms 61% of Maybank&rsquo s forecasts for FY2023. Even considering the high base last year, we deem the results as disappointing given the group still recorded revenue of $371 million and patmi of $60 million in 1HFY2023 notwithstanding the tapering of Covid-19 activity.&rdquo
According to management, patient visits to the groups China operations have increased with the end of Covid-19 restrictions early this year. Although revenue has improved, its hospitals in Shanghai and Chongqing are still in the developmental phase and continue to incur gestational costs.
To achieve better operating efficiencies, Raffles Medical has started rationalising its China operations by shifting its resources to specialties with higher demand, as well as deploying some of its nurses from Chongqing to its Shanghai hospital.
Ong cuts his FY2023-2025 profit estimates by 25%-27% due to lower topline and margin assumptions.
Raffles Medical has benefitted from the strong recovery of local and foreign patients post Covid-19 in Singapore, notes DBS Group Research analyst Rachel Tan, but its earnings growth will moderate in FY2023 ended December given the &ldquo exceptionally high base&rdquo of last year.
In FY2022, Raffles Medical delivered its strongest earnings in history, 80% above that of its last high in 2013, when it recorded a disposal gain. &ldquo Given the moderation seen in 3QFY2023 post the normalisation of healthcare activities, we lower our FY2023-2024 earnings by 36% to 47% and expect earnings to likely bottom in FY2024 should the trajectory continue.&rdquo
This could cap the share price upward momentum, she adds. In a Nov 7 note, Tan is maintaining &ldquo hold&rdquo with a lower target price of $1.00 from $1.48 previously. &ldquo In the medium term, we remain positive on the prospects of its China operations with a further upside from its fourth hospital in the long term.&rdquo
CGS-CIMB Research analyst Tay Wee Kuang notes that only revenue and profit after tax were disclosed for 3QFY2023, and &ldquo no granularity of its financials beyond revenue and PAT was provided&rdquo .
In a Nov 7 note, Tay is keeping &ldquo add&rdquo on Raffles Medical with a lower target price of $1.20 from $1.77 previously.
For Raffles Medicals flagship hospitals in Chongqing and Shanghai, management guided for ongoing gestational losses for three years of their operations before EBITDA breakeven by the end of the third year, or FY2025.
Management also shared that Raffles Medicals health insurance arm RHI saw more claims during the quarter, which negatively impacted Raffles Medicals profitability as some health insurance policies offered by RHI covers healthcare services provided by public hospitals and other private hospitals.
Management noted that the higher quantum of claims was a result of both higher number of claims, as well as medical cost inflation, and RHI is considering revising its insurance premiums to offset higher costs, notes Tay.
As at 3.47pm, shares in Raffles Medical are trading 3 cents higher, or 2.97% up, at $1.04.
slowly gear up 1.05 to 1.06, after that 1.10.
Elf2000 ( Date: 08-Nov-2023 13:48) Posted:
I meant today if there is a sbb at $1.03.
huattuatua ( Date: 08-Nov-2023 13:37) Posted:
1.01 yesterday
refer to sgx announcemen |
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I meant today if there is a sbb at $1.03.
huattuatua ( Date: 08-Nov-2023 13:37) Posted:
1.01 yesterday
refer to sgx announcement
Elf2000 ( Date: 08-Nov-2023 13:34) Posted:
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1.01 yesterday
refer to sgx announcement
Elf2000 ( Date: 08-Nov-2023 13:34) Posted:
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Share buy back at $1.03?
Analysts cut Raffles Medical targets on earnings miss
ANALYSTS have cut price targets for Raffles Medical Group : BSL -5.61%but stayed positive on its long-term growth, : BSL -5.61%after the medical service provider reported disappointing Q3 financials on Monday (Nov 6).
Both Maybank Securities and UOB Kay Hian (UOBKH) downgraded the counter to &ldquo hold&rdquo from &ldquo buy&rdquo with trimmed price targets.
Maybank lowered its target price to S$1.30 from S$1.65, after cutting its profit estimates for the three upcoming financial years by 25 per cent to 27 per cent, due to lower topline and margin assumptions.
The brokerage also trimmed its earnings per share forecast for FY2023 down 26.8 per cent to S$0.0468. The lowered target price of S$1.30 implies a 29.2 times price-to-earnings (PE) ratio.
Referring to the counter&rsquo s market close price of S$1.20 before the Q3 financials&rsquo release, the brokerage noted that its shares were trading at a PE ratio of 33 times &ndash above the market average of 30.5 times, which factors in its Singapore-listed peers Q& M Dental and IHH Healthcare.
Maybank analyst Eric Ong noted that even considering the high base last year, the earnings still came &ldquo way below&rdquo market expectations.
This is because Raffles Medical still recorded S$60 million in profit after tax and minority interests for the first half year, despite tapering Covid-19 activities.
For the third quarter, the group registered a 67.4 per cent drop in net profit after tax at S$12.4 million. Its nine-month profit stood at S$72.8 million, 25.6 per cent down from the year before.
Slow recovery in domestic hospital services
Ong noted that the group&rsquo s healthcare services division dragged down Q3 turnover, and the slight, positive growth in the hospital segment might be driven by local patients, as foreign volumes are still below pre-Covid levels.
He highlighted that the relative strength of the Singapore dollar against regional currencies hurt foreign patient visits.
UOBKH analysts Tan Yi Rong and Heidi Mo shared the view on a sluggish recovery of its Singapore hospital segment.
&ldquo In addition to increased medical bills, elevated hotel and transport expenses have likely deferred some of the group&rsquo s higher-billing foreign patients to cheaper alternatives such as Malaysia and Thailand, leading to permanent demand loss and lower margins for the segment.
&ldquo Nonetheless, we maintain our expectations that the hospital segment would face a slow and gradual recovery instead of a V-shaped recovery,&rdquo said Tan and Mo, adding that potential upside may come from a weaker Singapore dollar in 2024.
They lowered its PE-based price target to S$1.15 from S$1.47, after slashing net profit estimate for FY2023 to S$86.1 million from S$105.8 million, because of lower overall margins assumptions.
&ldquo We expect margins to contract further as a result of gestation losses from its China operations, higher insurance claims and elevated operating costs.&rdquo
The analysts noted that the trimmed target price is pegged to the same PE multiple of 29 times, the group&rsquo s long-term average mean PE, to UOBKH&rsquo s estimates for FY2024 earnings.
The brokerage has lowered its net profit forecasts to S$74.6 million from S$94.2 million for FY2024, and to S$79.3 million from S$93.1 million for FY2025.
Long-term positive growth
&ldquo Although we are bullish on Raffles Medical Group&rsquo s expansion in China and Vietnam, and potential new acquisitions in the medium to long term, we only expect an inflection point sometime in 2025,&rdquo added Tan and Mo, agreeing with Ong&rsquo s view that the proposed acquisition in Ho Chi Minh City will not contribute to near-term growth.
Similarly, DBS Group Research cut its price target for Raffles Medical Group to S$1 from S$1.48 with a maintained &ldquo hold&rdquo call, after revising earnings estimates for FY2023-FY2024 down by 36 per cent to 47 per cent.
DBS analyst Rachel Tan noted that the estimates revision is to factor in a further potential normalisation of earnings, given an &ldquo exceptionally high base&rdquo in FY2022.
The S$1 price target is based on 20 times the revised earnings forecast for FY2024, plus S$0.20 per share for the hospitals in China.
&ldquo Nevertheless, we remain long-term positive on Raffles Medical, led by the long-term positive trend of the healthcare industry and potential ramp-up of its China hospitals as it reaches stabilisation and breakeven in the medium term,&rdquo Tan said.
Company share buyback today of 200,000 shares at $1.01. Hope to see more price support.
0.995?
Secret_Squirrel ( Date: 07-Nov-2023 18:06) Posted:
Agreed. Will queue below $1 tomorrow.
Remember to check SGX website next Monday to see whether it is institution or retail is buying. |
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