Raffles Medical: Announced good set of 2Q11 results, broadly in-line.
Rev at $67m, +14.3% yoy and +3.9% qoq, while Net profit at $11.6m, +10.2% yoy and +11% qoq. Strong showing led by broadbase growth across its two divisions with rev from Healthcare and Hospital Services growing by 12.2% and 14.5% respectively.
Grp has declared an interim div of 1c/share, while Balance Sheet remains strong, with a Net Cash position of $3.2m. Co. will have results briefing at 11 a.m to comment on results and future prospects. We note that at current price, valuation appears fair, with grp trading at a simple annualized 28.3x FY11E P/E vs historical average of 21x.
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