Raffles Medical

Raffles Medical: Raffles Medical 4Q13 net profit came in at S$22.8 mn (64% QoQ, 13% YoY), while operationally in line with CS' expectation, the headline beat was driven by revaluation gains and lower tax. Overall, management remains confident of showing atleast low teens top-line growth and maintain margins in the near term. The newly announced government subsidies on healthcare are potentially a positive for the private hospital sector. Latest broker recommendations: CS upgrades to Neutral and raised TP to $3.20 (from $2.80) StanChart maintains Outperform and raises TP to $4.09 (from $4.05)