DMG & Partners has raised Raffles Medical Group’s (RAFG.SI) target price to $2.09 from $1.86 and maintained its “buy” rating.
Raffles Medical, being the second-largest private healthcare provider in Singapore, has benefitted from renewed interest in the stable and defensive healthcare sector after Khazanah and Fortis Healthcare (FOHE.BO) started a bidding war for Parkway Holdings (PARM.SI), DMG said in a report.
India’s Fortis Healthcare (FOHE.BO) is considering launching a counter-offer for Singapore-based hospital chain Parkway Holdings (PARM.SI) and is discussing financing options with Singapore state investment firm GIC, the Economic Times of India reported on Saturday.
Malaysian sovereign wealth fund Khazanah launched an US$835 million ($1.2 billion) bid for control of Parkway earlier this week, potentially pitting it against Fortis in a battle for Singapore’s largest private healthcare provider.
The surprise offer, which aims to lift Khazanah’s stake in Parkway to 51.5%, could either kick off a takeover fight for the medical firm which operates 16 hospitals in Singapore, Brunei, Malaysia, India and China or force Fortis to cash out.
Thursday’s offer comes just two months after hospital chain operator Fortis bought a 23.9% stake in Parkway from U.S. buyout firm TPG for US$685 million.
Private healthcare provider Raffles Medical Group reported a 16.5% rise in net profit for the first quarter ended March 31, 2010 to $9.1 million. Earnings per share was 1.74 cents, compared to 1.50 cents last year.
Hyderabad, March :India’s largest private healthcare provider Apollo Hospitals plans to set up 32 new hospitals in the country over the next two years.
While 11 new hospitals will come up in the next fiscal year, 20 more centres will open in 2011-12, Apollo chairman Prathap C. Reddy told reporters here Thursday.
The chain, which plans to [...]
Raffles Medical Group, the private healthcare provider in Singapore and the region, says profit after tax for the group increased 20.1% from $31.7 million in 2008 to $38 million in 2009.
Revenue grew 8.9% from $200.8 million for financial year 2008 to $218.6 million with both Healthcare Services and Hospital Services divisions contributed positively to the growth increasing in revenue by 10.2% and 7.9% respectively.
