Raffles Medical:
- 3Q16 net profit of $16.2m (+4%) came in line.
- Revenue jumped 17.5% to $119.3m, with more than half the growth (9.6%) contributed by newly acquired medical assistance company International SOS.
- However, bottom line was dragged by a surge in staff expenses (+23%).
- Net cash remained resilient although it slipped to $78m (2Q16: $92.8m) on an increase in trade payables from the higher business volume on consolidation of the larger entity.
- Medical Centres in Orchard and Holland V, which started in Jun 2015 and Jun 2016, continued to show increasing patient load, while the Raffles Hospital extension is on track for completion in 2017.
- The stock is currently trading at 36x forward P/E. MKE last had a Buy with TP of $1.84.
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