Raffles Medical by Nomura: Buy, TP $2.64, Resilient earnings amidst uncertainties and well positioned for private-public cooperation. Believe RFMD epitomises the defensiveness of healthcare and is less affected by economic downturns, due to:
1) a wide primary care network with defensive corporate contracts;
2) competitive pricing for high-end care, and
3) operating leverage and cost efficiencies.
Catalysts are Public-private integration; operating margin expansion.
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