Raffles Medical Group Ltd

Raffles Medical Group Ltd

BSL.SI
Raffles Medical Group LtdSG flagStock Exchange of Singapore
0.92
SGD
-0.01
- -
1.68BMarket Cap
Raffles Medical Group Ltd
BSL.SI
(Stock Exchange of Singapore)

Recent

price

0.92

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.15
0.17
0.19
0.21
0.22
0.24
0.27
0.27
0.27
0.29
0.31
0.39
0.44
0.38
0.4
- -
0.29
Revenue per Share
0.03
0.03
0.04
0.05
0.04
0.04
0.04
0.04
0.04
0.03
0.04
0.05
0.08
0.05
0.03
- -
0.03
Basic EPS, GAAP
0.03
0.04
0.04
0.04
0.05
0.02
0.04
0.04
0.03
0.01
0.04
0.06
0.09
0.09
0.04
- -
0.01
Free Cash Flow per Basic Share
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.03
0.04
0.02
- -
0.01
Dividend per Share
0.18
0.12
0.13
0.14
0.15
0.17
0.18
0.19
0.2
0.22
0.23
0.23
0.54
0.56
0.57
- -
0.22
Book Value per Share
0.18
0.21
0.24
0.29
0.32
0.34
0.37
0.41
0.44
0.45
0.48
0.51
0.54
0.55
0.57
- -
0.45
Tangible Book Value per Share
1,560
1,591
1,620
1,650
1,678
1,711
1,738
1,761
1,784
1,813
1,839
1,868
1,857
1,859
1,857
- -
1,808
Basic Weighted Avg Shares
239
273
312
341
375
411
474
478
489
522
568
724
823
707
752
765
522
Sales/Revenue/Turnover
22.15
21.82
21.29
27.66
21.44
19.63
17.3
16.77
17.84
14.99
15.9
17.49
25.98
16.43
11.49
11.65
14.99
Operating Margin (%)
7
7
8
8
10
13
15
15
18
29
35
39
40
38
43
45
29
Depreciation Expense
45
50
57
85
68
69
70
71
71
60
66
84
143
90
62
71
60
Net Income, GAAP
14.34
14.84
14.08
10.44
16.39
15.41
18.07
15.04
15.84
20.29
23.41
27.57
25.05
23.74
28.38
24.06
20.29
Effective Tax Rate (%)
18.93
18.47
18.24
24.9
18.05
16.88
14.82
14.82
14.53
11.55
11.6
11.63
17.4
12.75
8.28
9.22
11.55
Profit Margin (%)
73
10
43
222
91
14
39
1
12
27
51
22
131
105
134
102
27
Working Capital
18
16
- -
- -
7
21
17
38
97
181
166
92
77
82
72
27
181
LT Debt
287
335
389
474
540
622
682
752
817
857
914
977
1,028
1,044
1,065
1,056
857
Total Equity
15.06
14.83
14.58
18.69
12.76
11.06
9.64
8.67
8.2
6.18
6.25
7.82
13.48
7.53
5.25
5.77
6.18
Return on Invested Capital (%)
15.99
19.6
25.74
36.58
26.77
22.96
20.81
18.34
15.47
11.12
11.36
13.93
16.87
8.26
5.74
6.33
11.12
Return on Capital (%)
17.3
21.49
28.6
39
28.04
25.63
23.38
21.63
20.14
15.89
16.18
19.87
20.01
8.85
5.98
6.64
15.89
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Jun'19
Sep'19
Dec'19
ST Debt
16
16
19
LT Borrowings
116
119
157
LT Finance Leases
13
14
25
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,828
1,828
1,828
Market Capitalization
1,657
1,790
1,808

Working Capital

FRC

in mil. unless spec.
Jun'19
Sep'19
Dec'19
Total Current Assets
205
222
246
Cash, Cash Equivalents & STI
102
118
152
Accounts Receivable, Net
93
94
84
Inventories
10
10
10
Total Current Liabilities
200
213
219
Payables & Accruals
- -
- -
- -
ST Debt
16
16
19
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.49%
2.96%
-0.85%
Free Cash Flow
54.13%
16.56%
39.73%
Net Income, GAAP
3.99%
8.65%
13.38%
Sales/Revenue/Turnover
6.93%
7.03%
1.83%
Total Cash Common Dividend
19.07%
27.34%
3.81%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
707
2024
- -
- -
- -
- -
752
2025
- -
- -
- -
- -
765

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.05
2024
- -
- -
- -
- -
0.03
2025
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.04
2024
- -
- -
- -
- -
0.02
2025
- -
- -
- -
- -
- -
Business
Raffles Medical Group Ltd (SGX: BSL) operates as one of Asia's leading integrated private healthcare providers, delivering a comprehensive continuum of primary, secondary, tertiary, and wellness care services through its network of facilities across Singapore, China, Japan, Vietnam, and Cambodia. The company owns and manages Raffles Hospital, a tertiary care facility in Singapore featuring over 25 specialist centres covering cardiology, oncology, orthopaedics, obstetrics and gynaecology, neurology, and other disciplines including 24-hour acute and critical care, inpatient wards, intensive care units, and advanced diagnostic services such as radiology, nuclear medicine, and angiography suites; a network exceeding 100 multi-disciplinary clinics under Raffles Medical offering family medicine, emergency services, health screenings, vaccinations, travel health, minor surgery, X-ray, corporate programmes, and government healthcare schemes; Raffles Dental providing general and specialist dentistry; Raffles Chinese Medicine delivering acupuncture, herbal treatments, and co-management with Western specialists for fertility, pain, and women's health; Raffles Health Insurance issuing individual and corporate health policies including integrated shield plans like Raffles Shield and critical illness coverage; and Raffles Health, its consumer healthcare division, developing and distributing nutraceuticals, vitamins, supplements, and diagnostic equipment. Raffles Healthcare Institute supports training for medical professionals in family medicine, dentistry, nursing, and allied health. Headquartered in Singapore and founded in 1976, the group serves over 2.8 million patients and 7,000 corporate clients annually through operations in 14 cities including Singapore; Chongqing, Shanghai, Beijing, Tianjin, Dalian, and Nanjing in China; Hanoi, Ho Chi Minh City, and Vung Tau in Vietnam; Phnom Penh in Cambodia; Fukuoka and Osaka in Japan; and representative offices in Indonesia, Bangladesh, and Brunei, with airport clinics at Singapore's Changi and Hong Kong's Chek Lap Kok International Airports. In recent developments, Raffles Medical Group has expanded strategic partnerships in China, including alliances signed in March 2025 with Shanghai's Renji Hospital and in June 2025 with Chongqing's First Affiliated Hospital to establish cross-border medical cooperation models integrating international standards with local expertise, enhancing patient access to specialists and supporting China's Healthy China 2030 initiative; a memorandum of understanding with AIA Singapore to integrate over 90 Raffles specialists into its Quality Healthcare Partners panel, streamlining claims and promoting value-based care; and an October 2025 MOU with Gene Solutions to accelerate oncology clinical trials and precision medicine in Southeast Asia. The group also reported 1H 2025 revenue growth of 3.5% to S$378.4 million and profit after tax up 5.0% to S$32.5 million, bolstered by Hospital Services and reduced losses in Raffles Health Insurance through enhanced claims management, while revising its dividend policy to at least 50% of sustainable earnings and authorizing up to 100 million share buybacks over two years.