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CIMB-GK

Date	Report
20 Feb 12	New government scheme: We expect RFMD to benefit from recent government initiatives to expand the Community Health Assist Scheme. Catalysts are expected from the addition of clinics/medical specialties...
1 Nov 11	Long Term Outperform: All divisions contributed, with Hospital revenue up 14% yoy...
25 July 11	2Q11 in line; maintain Outperform
10 Jun 11	OUTPERFORM (S$2.34) Raffles Medical Group set for price hikes
28 Apr 11	1Q11 Growth on track; maintain Outperform
28 Apr 11	Record revenue with improvement in operating efficiency
21 Feb 11	Maintain Outperform "We were spot on in our FY10 core EPS forecast, although results beat Street expectations..."
25 Oct 10	Raffles Medical Group - Predictably good results, yet again (Target: S$2.64)
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 Oct 10	Feverish valuations
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
24 Feb 12	We remain positive on Raffles Medical’s fundamentals (defensive growth profile), but see limited upside to valuation at 20x FY12E P/E. Maintain NEUTRAL to our S$2.50 target price (from S$2.35).
31 Oct 11	Raffles Medical delivered 3Q11 results in line with our estimates, with revenue up 14% YoY and net profit up 10% YoY to S$11.8 mn. The 9MTD revenue and net profit achieved 75% and 69% of our full-year forecasts, respectively. We are expecting a stronger 4Q, in line with seasonality.
28 July 11	2Q11 in line — expansion on track, expect seasonally stronger 2H
28 Apr 11	Delivered strong 1Q11 results, revenue grew 15% YoY and earnings rose 16% YoY to S$10.5 mn, with revenue and net profit achieving 24% and 21% of our full-year FY11 estimates, respectively.
21 Feb 11	FY10 in line — another expansion plan (Maintain NEUTRAL)
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
20 Feb 12	Maintain Hold, TP unchanged at S$2.48. Raffles Medical is currently trading above its average PE of 21x. Whilst there is potential in the healthcare industry, we maintain our Hold recommendation...
1 Nov 11	Maintain Hold and TP of $2.48. RFMD is trading at 21.5x FY12F PE, in line with its historical mean. We roll over our earnings base to FY12F (from blended FY11F/FY12F) to derive our TP of S$2.48, pegged at 24x PE multiple. Maintain HOLD.
28 July 11	2Q net profit grew by 10% y-o-y to S$11.6m as topline increased to S$67m (+14%).
29 Apr 11	1Q11 results within expectations. Net profit grew by 15.6% to S$10.5m on the back of a 14.7% increase in revenue to S$64.4m.
22 Feb 11	Maintain Hold, TP adjusted slightly to S$2.32...
26 Oct 10	Hospital division revenue +15% yoy remained robust. Hospital division topline turned in a robust 15% growth arising from a wider range of medical specialties... (HOLD S$2.21)
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
21 Feb 12	Strong balance sheet. Raffles Medical declared DPS of 3.0 S¢ for the quarter, bringing FY11 dividend to 4.0 S¢/share. Its strong balance sheet (net cash position of S$28.2m or 5.3 S¢/share) and stable cash flows places Raffles Medical in a good position to face the challenging operating landscape and even position itself for growth.
27 July 11	Continues to grow earnings, Maintain BUY
28 Apr 11	Results in-line, poised to continue growing. Double digit growth in 1Q11.
26 Oct 10	Results in-line, expansion on track (Target: S$2.40)
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

IIFL

Date	Report
21 Feb 12	Strong cash flow and no major capex beyond 2014 could lead to higher dividend payout: We estimate cS$130m of capex over 2012-14 for the hospital expansion and the renovation of Thong Sia building...
1 Nov 11	During 2010-13, we estimate profit to grow at 18% CAGR with 140bps expansion in operating margin. Margin expansion will be driven by greater specialist service offering
26 July 11	Expansion on track
05 May 11	Enough 'room' for growth

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

MayBank Kim Eng ((Formerly Known as Kim Eng)

Date	Report
21 Feb 12	RMaintain target price of $2.73. We raise our net profit forecasts for FY12F-13F by a marginal 1.4-2.3% to account for higher investment income...
1 Nov 11	We cut our FY11‐13F net profit forecast by 1.6% to 2.6% and revise our DCF valuation model with extended forecasts and using WACC of 7.6% and terminal growth rate of 2.0%. Our target price is now $2.73 (previously $2.80). Maintain BUY.
28 July 11	RMG has delivered another set of consistent results and is on track to meet our full‐year forecasts. Revenue for the Healthcare and Hospital Services divisions grew by 12.2% YoY and 14.5% YoY, respectively, in 2Q11.
29 Apr 11	First‐quarter revenue increased by 14.7% YoY to $64.4m while net profit was up a similar 15.6% YoY to $15.6m.
22 Feb 11	We upgrade our DCF‐derived target price to $2.80, implying 30x FY11F, which is also in line with the valuation of other healthcare acquisitions in Singapore. Reiterate BUY.
26 Oct 10	Steady climb continues (Target:$2.54)
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...

MayBank

Date	Report
21 Feb 12	RMaintain target price of $2.73. We raise our net profit forecasts for FY12F-13F by a marginal 1.4-2.3% to account for higher investment income...

Nomura

Date	Report
20 Feb 12	The results are in line with our expectations and those of consensus. We believe that the company will continue to do well as an aging population continues to drive healthcare demand...
31 Oct 11	Raffles Medical continues to trade at reasonable valuations of 19.9/16.1x FY12/13 earnings, while providing a 1.6% dividend yield. We continue to like the company and we maintain our BUY rating.
26 July 11	Results in line, BUY reaffirmed
15 Jun 11	New capacity to come on stream from 2012 - Price target: 2.52 SGD
28 Apr 11	15.6% rise in net profits to S$10.6m in line with expectations
21 Feb 11	Maintain BUY – 12-month PT: S$2.52
25 Oct 10	We raise our PT to S$2.52 to reflect a more visible growth profile owing to its ongoing expansion, which will likely provide a significant uplift to revenue intensity starting FY12F. (Maintain BUY).
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

OCBC Investment Research

Date	Report
21 Feb 12	Expansion taking place steadily: Management updated us that the 15,000 sf of new medical space to be created at its existing Raffles Hospital would be ready for use in Apr 2012...
9 Dec 11	Expect good track record to continue. Raffles Medical Group (RMG) has delivered consistent core earnings growth over the years, even amidst turbulent times....
1 Nov 11	Maintain BUY: RMG sees growth potential from the government's recent initiative to expand the Primary Care Partnership Scheme (PCPS), which should lead to higher demand for primary care services...
26 July 11	2Q11 results with revenue increasing 14.3% YoY and 3.9% QoQ to S$67.0m
29 Apr 11	Maintain BUY and fair value estimate of S$2.50, still based on 24x blended FY11/FY12F EPS....
29 Apr 11	RMG reaffirmed its strong track record after posting another set of healthy results.
5 Apr 11	(Maintain BUY) We believe that growing demand for quality healthcare services in Singapore will provide ample growth opportunities for Raffles Medical Group (RMG)...
22 Feb 11	Upgrading to BUY. With a positive set of 4QFY10 results, continued growth from operating leverage and higher revenue intensity per patient...
26 Oct 10	We have fine-tuned our assumptions in accordance to RMG's 3Q10 results, bumping up our earnings estimates for FY10 and FY11 slightly (Maintain Hold)

UOB Kay Hian

Date	Report
21 Feb 12	Solid 2011 results. Raffles Medical Group’s (RMG) 2011 results were in line with our expectations. Net profit of S$50.4m (+11.3% yoy) was in line with our and market expectations.
1 Nov 11	3Q11: Results within expectations; delivering as promised
27 July 11	Steadily delivering, managing staff cost well and maintaining interim dividend
28 Apr 11	RMG remains on our BUY list with a target price of S$2.81/share (unchanged).
23 Mar 11	(Maintained BUY) RMG remains on our BUY list with a target price of S$2.81, based on DCF valuation which factors in a long-term growth of 4.0%.
22 Feb 11	RMG remains on our BUY list with a target price of S$2.81/share (previously S$2.86, -1.7% adjustment after 2010 results)...
09 Feb 11	Good profit outlook. We estimate RMG should deliver a three-year EPS CAGR (2010-12F) of 16% ...
26 Oct 10	Raffles Medical Group (BUY/S$2.21/Target: S$2.57) Key takeaways from analyst briefing. Maintain BUY. (Page 4)
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
20 Feb 12	Rating:OUTPERFORM - We reiterate Outperform with revised price target of SGD2.90/ sh (from SGD2.81/ sh), offering 19% upside...
1 Nov 11	Rating:OUTPERFORM - Management expects the specialist medical centre at Bideford Road (Thong Sia) to start operations in the first half of 2013 (our original expectation was 2012). The expansion of Raffles Hospital by 102,408 sq ft is still in the planning phase and management believes it should be completed by 2H 2014
27 July 11	Raffles Medical reported 2Q 2011 results on 25 July with revenue and net profit growth of 14% and 10% YoY, respectively.
28 Apr 11	Raffles Medical reported 1Q 2011 results which were steady as usual with revenue growth of 15% YoY and net profit growth of 16% YoY.
23 Feb 11	O UTPERFORM (unchanged) "For its unique highmargin business model, steady compounding, and strong cash flow generation..."
25 Oct 10	Raffles Medical reported strong 3Q 2010 results. The company disclosed that excluding a jobs credit grant received by the Group in Q3 2009, net profit for Q3 2010 would have grown 22.3% yoy...(Outperform)
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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Raffles Hospital, 585 North Bridge Road, Singapore 188770.