Raffles Medical: CIMB reiterates Buy with TP $2.64, pegged to mid-cycle valuations of 23x CY12 P/E . Says healthcare will not get any cheaper, and there is room for fee hikes, as MOH’s new focus is not on lowering costs, but reviewing current funding frameworks and addressing capacity problems. Notes mgt has already hinted at a gradual increase in medical charges this year across the board, which should improve margins...
Sees possible catalysts in
i) monetizing of RFMD’s now enlarged healthcare real estate through Reiting its assets,
ii) possible re-listing of Parkway Pantai to re-spark interest in the sector.
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