Raffles Medical Group (RMG): RMG has visible growth catalysts for the next 3 years: 1) Holland V in 1Q16, 2) hospital expension in 1Q17 and 3) Shanghai in mid-2018.
However, CIMB believes that the positives have already been priced in since news of its Shanghai hospital, with RMG trading above its peers and historical band.
CIMB maintains its HOLD rating with TP: $4.64.
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