Maybank Securities is reiterating its "buy" recommendation on Raffles Medical Group (RMG) but with a higher target price of $1.13 from $1.03 previously, given the group's more optimal capital structure. RMG is also the research house's top pick in the Singapore healthcare sector.
Analyst Eric Ong notes that the group has recently signed an agreement with an affiliate of Shanghai Jiao Tong University School of Medicine to work on a new model of collaboration between public hospitals and international medical groups.
The affiliate, Renji Hospital, and RFMD will establish a "dual circulation" medical resource service system, to advance a new model of collaborative development and promote Shanghai as an international medical tourism hub.
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