Raffles Medical Group

Raffles Medical Group: CIMB maintains O/p with $3.81 TP. House note that RFMD had been hit by a series of setbacks in the last two weeks. Think this is the time to revisit its financials, operational expansion and various greenfield projects. Conversation with mgt suggested that house are on the right track with this argument. No change to EPS but TP has been raised, now based on 25x CY14 P/E (from 22x), on par with its regional peers given its proven execution. Maintain Outperform with the resumption of operating efficiencies providing potential catalysts.