Raffles Medical Group Valuation Analysis

Est. in 1976, Raffles Medical Group (RMG) has grown from only two clinics to be one of the leading medical groups in Singapore with the largest private group practice. The Group operates within three business segments, mainly healthcare services, hospital services and investment holdings.

Investment Thesis:

  • Despite Raffles Medical Group’s fundamentals and strong economic moat, we believe paying a premium of 56%% based on current market prices to be unjustified.
  • Stronger growth in Healthcare segment from FY2016E onwards with potential risks from competition within the region.

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Raffles Medical Group

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I developed my passion for investment management especially equity research at a relatively young age. My investment journey began when I was 20, at a point in time where markets were still recovering from the Global Financial Crisis. My portfolio started from money I saved over the past years and through working during the holidays. I was fortunate to have a good friend with common investing mentality to began my journey towards value investing. To date, we still research and invest in companies together, discussing valuations and potential risks of a company. To date, I manage a fund with a value investing style. Positions are decided upon via a bottom-up approach or smart speculation (a term I came up with when buying a stock for quick profit due to a mismatch in prices in the market due to takeovers/selling of a subsidiary or associate). Apart from managing my own portfolio, I enjoy sharing my research with family and friends, seeking their opinions and views towards the stock. Reading Economics in London, I constantly keep up with the financial news in Singapore & Hong Kong. Despite my busy schedule, it has not stopped me from enjoying other aspects of life. I enjoy a variety of activities in whatever free time I may have – endurance running, marathons, traveling, fine dining, whiskey appreciation, fashion. Lastly, I enjoy meeting new people, discussing ideas and gaining new perspectives towards issues in the world.