0634 GMT - Raffles Medical faces earnings hit from its insurance business' losses, RHB Research's Shekhar Jaiswal says in a research report. At its 1H results briefing, the company said that if the insurance business continues to have high loss ratios, the business could be lossmaking for 2-3 years, the analyst notes. Higher operating costs for Singapore healthcare providers and fewer foreign patients than before the pandemic pose earnings headwinds for the medical services provider, the analyst adds. RHB lowers its 2024, 2025, and 2026 earnings estimates for Raffles Medical by 12%, 12%, and 7%, respectively. It trims the stock's target price to S$0.90 from S$1.00 and maintains a neutral rating. Shares are unchanged at S$0.885. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
December 05, 2024 01:34 ET (06:34 GMT)
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