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• Balance sheet strengthened further.

CIMB-GK

Date	Report
26 Jul 10	Local and overseas expansion on track - (2Q10 in line; maintain Outperform S$1.83)
26 Apr 10	Greater China ambitions still alive. Management expects the group to benefit from an improving operating environment and continuing demand for high-quality healthcare services from locals and foreigners.
1 Mar 10	We expect stock catalysts from the addition of clinics, expansion of medical specialties, and higher foreign-patient catchments.
5 Nov 09	3Q09 PATMI was up 15.4% yoy to S$9.5m, within consensus and our expectations. 3Q09 and 9M09 EPS accounts for 27% and 74% of our FY09 estimate respectively.
27 Jul 09	Maintain Outperform; target price raised to S$1.19 (from S$1.04). With its defensive business that delivers consistent earnings, RFMD is on track to meet our 11% earnings growth forecast for FY09.
16 Apr 09	Margins in good shape - 1Q09 EBITDA margins expanded 2.2% pts yoy to 22.3% as the group managed to limit operating cost increases to 4.6% yoy...
11 Mar 09	Raffles Medical Group - Defying the odds
24 Feb 09	Raffles Medical Group - Operating efficiencies add to defensive qualities
07 Apr 08	Still Looking Good
29 Oct 07	Record Quarter
25 Sep 07	Nothing exciting yet
19 Jun 07	Hitting a duller tone
02 May 07	Passing the first health check of the year
16 Jan 07	Double booster from Medisave and MediShield

CLSA

Date	Report
26 Jul 10	Looking for more space - (Maintain BUY)
12 Jul 10	Beneficiary of bidding war - (Maintain BUY)
27 Apr 10	Clean bill of health
09 Mar 10	We estimate capacity to grow by 10% in FY11. In addition, Raffles could also fund possible Greenfield projects in Hong Kong (not factored in our estimates).
30 Oct 07	Strong Momentum
31 Jul 07	Riding the wave
29 Jun 07	Swinging the pendulum
08 May 07	Unique Model

CREDIT SUISSE

Date	Report
26 Jul 10	2Q10 in line - finally an expansion plan (Maintain OUTPERFORM)
26 Apr 10	1Q10 in line - Growth led by rebound in foreign patient volumes
1 Mar 10	With healthcare sector fundamentals improving, we see Raffles Med as well-leveraged to rising private healthcare demand in Singapore...
5 Nov 09	We continue to favour Raffles Medical for its steady earnings growth profile, against a backdrop of rising private heatlhcare demand over the longer term, and reiterate OUTPERFORM...
27 Jul 09	Raffles Medical delivered results for its Jun quarter, which arrived in line with our estimates. Revenues were up 7% YoY ...
16 Apr 09	Raffles Medical this morning reported 1Q09 results, with revenues up 8% YoY, and earnings jumping 28% YoY to S$7.8 mn.
23 Feb 09	Stronger-than-expected results - Curative services the remedy
13 Feb 09	Singapore Healthcare Sector - Increase in Medisave withdrawal limits a boon for private healthcare? Maintain OUTPERFORM
30 Oct 08	Raffles - Interims in line, firm outlook for healthcare demand. Maintain OUTPERFORM
18 Sep 08	Raffles Medical - Forecast revisions on slowing macros. Maintained OUTPERFORM
28 Jul 08	Raffles Medical - Interims reaffirm strong sector growth outlook. Maintain Outperform
29 Apr 08	Raffles Medical - Strong interims reaffirms robust underlying sector demand. Maintain Outperform
19 Feb 08	Raffles Medical Maintain OUTPERFORM, still room to grow
08 Jan 08	Singapore Healthcare Sector - Strong growth diagnosis

DBS Vickers

Date	Report
27 Jul 10	Upsizing Raffles Hospital - (Maintain Buy, TP raised to S$2.10)
27 Apr 10	Share price has performed well since our upgrade on 1 Mar, up +21% and outperforming STI by c.14%...
1 Mar 10	The growth trend should continue, and with operating leverage, we raised earnings by 17%/24% for FY10F/FY11F...
6 Nov 09	Foreign patients up, local flat. Hospital and Healthcare Services divisions registered revenue growth of 8.1% and 9.3%...
28 Jul 09	The better than expected earnings were a result of better operating efficiencies, particularly staff costs, which grew by only 3.4%...
17 Apr 09	A good 1Q09. 1Q09 net profit grew by 28% to $7.8m on the back of an 8% growth in topline to $51m, from $47.4m in 1Q08.
24 Feb 09	Raffles Medical - Expecting slower growth in FY09
11 Dec 08	Raffles Medical - Steady is the way to go
31 Oct 08	At historical low valuation
29 Jul 08	Raffles Medical: Another quarter of strong growth (BUY S$1.20; Bloomberg: RFMD SP; Price Target : 12-month S$ 1.51 (Prev S$ 1.74))
29 Apr 08	A strong set of 1Q results
18 Feb 08	A good set of results
21 Nov 07	Poised for a healthy year and beyond
30 Oct 07	Riding on strong patients numbers and better efficiencies
31 Jul 07	Just what the doctor ordered
02 May 07	Growth drivers intact
12 Feb 07	Raffles Medical Group
05 Dec 06	Strong base for future growth

Deutsche Bank

Date	Report
26 Jul 10	2Q beats expectations; Singapore hospital expansion - (Maintain Hold)
26 Apr 10	1Q10 results above helped by operating leverage
1 Mar 10	We have raised our TP to S$1.35 and maintain our Hold recommendation as the stock is trading close to its long-term average ...
5 Nov 09	Balance sheet strength and return of medical tourism to increase demand - The company has increased its net cash position to S$54m from S$23m in 2009...
5 Nov 09	Based on our revised earnings, we have raised our target price to S$1.30. We maintain our Hold recommendation as the stock is already trading at a premium to regional healthcare peers...
27 Jul 09	2Q09 results were above expectations. RFMD reported better than expected 2Q09 results with revenue increasing by 6.5% YoY to S$53.9m...
17 Apr 09	1Q09 earnings rose 28% YoY; above expectations and consensus
23 Feb 09	Raffles Medical Group - Slowdown in private healthcare

DMG & Partners

Date	Report
16 Jul 10	Buy: Share price may exceed 10% over the next 12 months
16 Jul 10	We are maintaining our earnings estimates for FY10 but have raised on TP to S$2.09 (from S$1.86), based on slightly lower WACC assumptions (from 7.9% to 7.3%) in our DCF valuation.....
26 Apr 10	With more specialist services, Raffles Medical would be able to further develop its healthcare services and programmes. Demand for specialist services has been rising....
1 Mar 10	Despite the challenging times in FY09, Raffles Medical has managed to record growth in its quarterly earnings....
5 Nov 09	Raffles Medical continues to maintain a strong balance sheet, with a net cash position of S$34.8m (6.7 S¢ per share)...
28 Jul 09	Continues to look out for expansion opportunities. Balance sheet remains strong, with a net cash position of S$27.5m (5.3 S¢ per share) at end 2Q09.
16 Apr 09	Patient volume remains steady. Despite the declining number of visitor arrivals in the first two months of the year, Raffles Medical saw an 8% YoY increase in its number of foreign patients,
24 Feb 09	Raffles Medical Group - Growth expected to be slower in FY09
30 Oct 08	Raffles Medical Group - Strong operating cash flows
28 Jul 08	Raffles Medical Group - Growing patient volumen boosts revenue
10 Jun 08	Raffles Medical Group - Good growth potential

Goldman Sachs

Date	Report
29 Apr 08	Decent 1Q08 results; strong operation performance to continue
18 Feb 08	In-line 4Q07 results; incorporate higher costs; lower TP to S$1.48
30 Oct 07	In-line 3QFY07 results, we see future revenue growth, new TP S$1.65
30 July 07	In-line 2QFY07 results, on track to meet full year net profit estimate
25 Jun 07	Building purchase may favor REIT long term; stay Neutral, TPS$1.50
07 Jun 07	Price running ahead of earnings: prefer Singapore to Thai hospitals
30 Apr 07	In-line 1QFY07 results, maintain Neutral, raise target price to S$1.37
14 Feb 07	4Q2006 results augur well for 2007, target price revised to S$1.13
05 Feb 07	Pricing in too much, too soon; initiating on four hospitals

JP Morgan

Date	Report
18 Feb 08	Raffles Medical - Room for operating growth
29 Oct 07	More room for operating leverage
31 July 07	Strong healthcare demand fueling growth
19 Jun 07	Significant milestone for the company
12 Feb 07	Operating room leverage underway

Kim Eng

Date	Report
27 Jul 10	Long‐term growth secured - We reiterate our BUY recommendation and adjust our DCF‐based target price to $2.24 on improved long‐term growth outlook.
27 Apr 10	RMG announced another solid set of results for 1Q10. Having proven its resilience by achieving record profitability amid the global recession...
1 Mar 10	We continue to like the Group’s strong cash flow generation and expect further organic growth as management continues its consistent execution....
6 Nov 09	RMG posted a strong set of Q309 results, with revenue up 8% and profit up 15% yoy to $9.5m. Excellent organic growth...
4 Jun 09	Charging ahead with confidence - Even with just organic growth, we expect net profit to increase 14% CAGR over the FY09-FY11 period...

Nomura

Date	Report
26 Jul 10	Hospital expansion to grow outpatient services. New Medical Centre in Shanghai - (Maintain BUY)
28 May 10	Reiterating BUY for Raffles
26 Apr 10	Consistent performance
1 Mar 10	Strong quarter suggests back on double-digit growth track...
5 Nov 09	Raffles Medical (RMG) posted a good set of 3Q09 results, with 16% y-y net profit growth, in line with our forecasts....
27 Jul 09	Management also highlighted that its hospital has the potential to increase its capacity by adding two additional floors to its existing building.
7 Jul 09	The group is taking the opportunity to lock in low rental rates and expand its clinic network, while at the same time focusing on organic growth. It has opened four new clinics in the year-to-date...
3 Apr 09	1QFY09: Superior credit quality, no downside surprises expected. (Maintained BUY)
3 Mar 09	Positive prognosis

UOB Kay Hian

Date	Report
6 Nov 09	Hospital Services driven by higher revenue intensity. The 8% yoy revenue growth was driven by foreign patient contribution...
27 Aug 09	Sustained Growth Momentum - Target(12-mth):S$1.76
29 Jul 08	2QFY08: Margin expansion from economies of scale
30 Apr 08	1Q08: Solid organic growth driven by Raffles Hospital
19 Feb 08	Raffles Medical Group - 2007: Room for growth
30 Oct 07	3QFY07: Economics of scale
23 Oct 07	Room for growth

Standard Chartered (Formerly Known as Cazenove)

Date	Report
1 Mar 10	We like Raffles as a pure play on the domestic healthcare sector in Singapore, which is currently benefitting from positive fundamentals driven by government support....
4 Nov 09	Singapore Hospital Sector – Foreign patient volumes likely staged a strong rebound in September
27 Jul 09	Raffles Medical reported another good set of results this morning, with net profit growth of 14% YoY surpassing our expectations...
23 Feb 09	Private patient loads resilient in Q4
28 Jul 08	Robust growth momentum continues...
29 Apr 08	Raffles Medical Group –We maintain our OUTPERFORM recommendation...
18 Feb 08	[RFMD SP; OUTPERFORM; S$1.35; Fair value S$1.90]: Strong organic growth of 48% YoY
28 Nov 07	Singapore Hospitals - OVERWEIGHT

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