Should I buy Raffles Medical stock in 2025?

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At HelloSafe, our expert has been monitoring the performance of Raffles Medical for over three years. Every month, thousands of users in Singapore rely on us to decode market trends and highlight the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In line with our ethical charter, we have never been, and will never be, paid by Raffles Medical.

What is Raffles Medical?

How much is Raffles Medical stock?

The price of Raffles Medical stock is rising this week. Currently trading at SGD 1.04, the share price is unchanged over the past 24 hours but has gained 8.90% in the last week, bringing its market capitalisation to SGD 1.93 billion. The stock sees an average daily volume of 3,136,414 shares over the past three months. With a P/E ratio of 31.14 and a dividend yield of 2.40%, Raffles Medical demonstrates a solid valuation for investors. The stock’s beta stands at 0.34, indicating low volatility compared to the overall market. This stable profile may appeal to investors seeking defensive options within Singapore’s healthcare sector.

Our full analysis on Raffles Medical stock

We have undertaken a rigorous review of Raffles Medical Group’s most recent financial disclosures and evaluated the stock’s trajectory over the past three years, leveraging not only fundamental and technical indicators but also sectoral benchmarks and proprietary algorithmic screening. This comprehensive analysis integrates updated market data, competitive positioning, and macroeconomic context, providing a 360-degree perspective for discerning investors. So, why might Raffles Medical stock once again become a strategic entry point into the Asian healthcare sector in 2025?

Recent Performance and Market Context

Resilient Price Action and Recovery Momentum

Raffles Medical Group (SGX: BSL) has emerged from the turbulence of the last few years with notable resilience, marking a solid recovery in both its business fundamentals and market valuation. As of May 10, 2025, the stock is trading at SGD 1.04—right at the upper end of its 52-week range (SGD 0.82 to SGD 1.05)—reflecting an uplift of 8.9% in the past week, an impressive 17.5% appreciation over six months, and a modestly positive 0.97% for the year. This sustained uptrend—significantly outpacing broader regional healthcare indices—suggests renewed investor confidence and interest.

Recent Positive Developments

Key contributors to market enthusiasm include the upward revision of dividends, robust cash generation (SGD 343.7 million as at FY2024-close), and the announcement of an aggressive two-year share buyback mandate for up to 100 million shares. The latest 2H2024 results further restore conviction, with PATMI rebounding 38% year-on-year (adjusted, excluding one-offs), and the Hospital Services division seeing a healthy 9.5% YoY profit increase. These signals of operational vitality are complemented by a recalibrated capital management strategy, pointing to a pragmatic, shareholder-friendly management intent.

Favourable Sector Tailwinds

Asia’s healthcare sector is experiencing secular growth, underpinned by rising affluence, an ageing demographic, and increasing demand for integrated, personalised health services. The Singapore healthcare industry in particular remains structurally attractive—renowned for robust governance, rising regional demand, and innovative private-public partnerships. Raffles Medical, as a diversified, integrated provider with operations now firmly planted in China and Vietnam, is ideally poised to leverage these dynamics.

Technical Analysis

Indicators: Bullish Confluence

Technical signals coalesce favourably for Raffles Medical at its present level. The stock is trading firmly above its near-term (20-day EMA: SGD 1.01) and longer-term (50, 100, 200-day EMAs: SGD 0.98, 0.95, 0.94) moving averages, each flashing a buy signal. The notable 'golden cross'—where the 50-day MA recently breached above the 200-day MA—reinforces this momentum, historically a strong bullish precursor.

While the Relative Strength Index (RSI 14) sits at 65.0 (neutral), the MACD at +0.02 maintains a constructive bias, supporting a balanced, upward trajectory rather than signaling over-extension. Major support zones at SGD 0.93 and SGD 0.86 offer additional downside cushions, while resistance is being tested at SGD 1.05—with a medium-term target flagged at SGD 1.10 (consensus analyst price).

Momentum and Structure

Price structure is anchored by a series of higher lows and breakouts on positive volume days, confirming active institutional interest and sustained accumulation. The moving average consensus sits at 'Strong Buy,' and even as some oscillators hint at possible short-term consolidation, the overall technical configuration favours further upside, positioning the stock attractively for new entrants at current price levels.

Fundamental Analysis

Growth Trajectory and Financial Robustness

• Hospital Services: Steady revenue growth (+4.6% YoY) and a notable 9.5% jump in segmental profit illustrate effective cost control and improved operational leverage.
• Healthcare Services: While profitability temporarily dipped owing to reduction of government grants and the cessation of pandemic-era programmes, volumes and margins are stabilising as regional demand recovers.
• China and Regional: China operations expanded revenue by 10.1% YoY, with scope for further growth as new cities are activated. The insurance division led with 23.2% YoY revenue growth, signalling rapid scale in an underpenetrated market.

Attractive Valuation Metrics

While the P/E ratio sits above large-cap Singapore averages, this is amply justified by the Group’s growth vector, defensive sector, zero gearing, and strong dividend policy. Forward earnings yield and improving operational metrics suggest a valuation supported by medium-term earnings growth and widening profit pools in new markets. Importantly, management’s commitment to a payout of at least 50% of sustainable earnings, plus share buybacks, provides additional margin of safety.

Structural Strengths

• Diversification: Presence across the value chain (from primary care to insurance) insulates earnings from cyclical shocks.
• Brand Equity: 48 years of trusted operations foster patient and partner loyalty, a considerable moat in healthcare.
• Balance Sheet: SGD 343.7 million in cash translates to flexibility for organic expansion, acquisitions, or further returns of capital.
• Technological Innovation: Ongoing investment in digital health and lab automation positions Raffles for next-generation healthcare delivery, scalability, and operating leverage.

Volume and Liquidity

Raffles Medical shares trade with exemplary liquidity—averaging over 3.1 million shares daily—providing ready entry and exit for investors without the penalty of illiquidity or wide spreads. The market capitalisation (SGD 1.93 billion) and broad free float make the stock a staple in both institutional and retail healthcare portfolios, while the recent share buyback initiative underscores management confidence in intrinsic value, aligning interests with shareholders and fuelling dynamic repricing potential.

Catalysts and Positive Outlook

Multi-Layered Growth Catalysts

• China Expansion: Driven by expanding middle-class demands and positive regulatory environment, RMG’s expansion into up to 20 Chinese cities over the coming years is expected to substantially uplift both revenues and brand presence.
• Digital Health and Telemedicine: The accelerated roll-out of teleconsultation and enhanced laboratory information systems supports a dual-mode (physical/virtual) growth narrative, unlocking new patient segments and improving retention.
• Insurance Scaling: With >23% YoY revenue growth, Raffles Health Insurance is emerging as a high-yield engine for the Group, particularly amidst rising health awareness and limited national coverage options across Asia.
• International Diversification: Entry into Vietnam via AIH management partnership diversifies operational risk and unlocks further Southeast Asia potential.
• Capital Management: Revised dividend policy (at least 50% sustainable earnings) and the share buyback program are strategic levers expected to enhance shareholder returns and mitigate downside volatility.
• ESG and Sustainability: The adoption of best-in-class governance, ethical patient care, and sustainability initiatives augments the Group’s credentials for long-term institutional allocation.

Favourable Industry and Macroeconomic Context

• Healthcare demand in Southeast Asia—and especially in China and Vietnam—remains highly resilient to economic cycles, forming a defensive backdrop.
• Ongoing medical inflation and the drive for quality healthcare services creates a sustainable, long-term tailwind for integrated providers like Raffles.
• Technological and regulatory advancements continue to favour digital innovation, preventative care, and capital-efficient healthcare expansion.

Investment Strategies

Short-, Medium-, and Long-Term Entry Points

Raffles Medical currently sits near its technical support and at the cusp of resistance, with momentum securely pointed upward—this structure often precedes a breakout, especially when underpinned by solid volume and positive catalysts. For short-term participants, the persistence of high volume and recent golden cross suggest tactical positioning ahead of potential resistance break at SGD 1.05.

Medium-term investors may find further cause for optimism given the strong multi-quarter revenue momentum, an imminent dividend payout, and the likelihood of positive operational updates as China operations scale. For long-term portfolios, RMG’s unique combination of defensive cash flows, regional diversification, scalable digital initiatives, and shareholder-friendly capital management policy create an enviable risk/reward profile. The stock’s strategic positioning at a technical inflection—together with an underappreciated upside from China and Southeast Asia—is increasingly difficult to ignore.

Is It the Right Time to Buy Raffles Medical?

Raffles Medical Group stands out today on the Singapore bourse as a structurally advantaged, well-capitalised, and forward-driven healthcare platform. Key investment merits include:

• Sustained revenue and profit growth momentum,
• Optimised capital management (dividends and buybacks),
• Robust free cash position,
• Superior brand and market reach,
• Digital and international expansion that shields it from domestic saturation or regulation shocks.

Technical indicators reinforce the thesis, with the stock trending decisively above its major moving averages, signalling a transition to a new, potentially sustained bullish phase. While investors should remain mindful of operational ramp-up and competitive risks (notably in China), the fundamentals justify renewed interest at current price levels—especially given RMG's unique confluence of growth, resilience, and strategic capital returns.

The combination of robust financials, visible growth levers, and favourable technical structure suggests that Raffles Medical may be entering a compelling new upcycle. For investors seeking to capitalise on the next wave of healthcare innovation and regional expansion, Raffles Medical is exceptionally well-positioned—seeming to represent an excellent opportunity worthy of serious consideration as 2025 unfolds.

How to buy Raffles Medical stock in Singapore?

Buying Raffles Medical Group (SGX: BSL.SI) shares online is straightforward and secure for Singapore-based investors—especially when using a regulated stockbroker. You have two main pathways: directly buying shares (“spot buying”) or speculating on price movements using Contracts for Difference (CFDs). Both methods are accessible through most online platforms, allowing you to invest with confidence. Your choice depends on your goals, risk tolerance, and preferred investment style. For further down the page, you’ll find a detailed broker comparison to help you make an informed decision.

Cash Buying

A cash purchase means buying Raffles Medical shares directly on the Singapore Exchange, with the shares held in your account. This method appeals to long-term investors looking to benefit from share price growth and potential dividends. Typical fees include a fixed commission per order, usually around S$5 to S$10 per trade.

Example: Cash Buying

If the Raffles Medical share price is S$1.04, you can buy approximately 961 shares with a S$1,000 investment (S$1,000 – S$5 brokerage fee = S$995; S$995 ÷ S$1.04 ≈ 957 shares).

Gain scenario: If the share price rises by 10%, your holdings would be worth about S$1,100.

Result: That’s a S$100 gross gain, or +10% return on your initial investment (before commission and other possible fees).

Trading via CFD

CFDs (Contracts for Difference) let you speculate on Raffles Medical’s share price without owning the underlying shares. CFDs offer flexibility, including the ability to use leverage (borrowed funds), trade both rising and falling markets, and often require a lower initial outlay than spot buying. However, costs include the spread (difference between bid and ask price) and overnight financing charges if you hold positions beyond one trading day.

Example: CFD Trading

With a S$1,000 margin and 5x leverage, you could open a CFD position representing S$5,000 exposure to Raffles Medical shares.

Gain scenario: If the share price increases by 8%, your position would gain 8% × 5 = 40%.

Result: That’s a S$400 gain on your S$1,000 margin (excluding fees and interest).

Final Advice

Before investing in Raffles Medical or any SGX-listed stock, carefully compare broker fees and account conditions—these can meaningfully affect your net returns over time (see the broker comparison below). Ultimately, your choice between cash buying and CFDs should reflect your investment objectives, trading experience, and appetite for risk. Both paths provide easy access to Singapore’s growing healthcare sector and the long-term prospects of Raffles Medical.

Our 7 tips for buying Raffles Medical stock

The latest news about Raffles Medical

Raffles Medical shares surged nearly 9% in the past week, outperforming major local indices. This strong price action pushed the stock toward the top of its 52-week range, supported by high trading volumes and a pronounced positive momentum. The move is underpinned by technical factors such as a “golden cross” where the 50-day moving average rose above the 200-day average, which many analysts regard as a reliable bullish indicator. The technical consensus leans neutral to buy, while all key moving averages signal a strong buy—reinforcing the view that investor sentiment in Singapore has notably improved over recent sessions.

The Group confirmed a final dividend of 2.5 Singapore cents per share, with the ex-dividend date on May 13, 2025. This payout remains consistent with the company’s revised policy to distribute at least 50% of sustainable earnings annually, highlighting financial discipline and shareholder returns. With a current dividend yield of 2.40% and no Singapore withholding tax for individual investors, the stock continues to appeal to income-seeking investors in Singapore.

Raffles Medical’s Q2 FY2024 performance saw a healthy rebound in core business profits, driven by hospital services and improved margins in its insurance arm. Although full-year net earnings declined—primarily due to the normalization of post-pandemic government grants and the cessation of COVID-19 services—the hospital services division posted profit growth of 9.5% year-on-year in the latest half. Adjusted profit after tax and minority interests for 2H2024 jumped 38% year-on-year, underscoring strong operational efficiency when excluding one-off property revaluations. The insurance segment also delivered double-digit revenue growth, offering a meaningful and resilient profit stream in Singapore’s competitive healthcare environment.

Management reaffirmed its strategy to expand both digital health and regional footprints, with China and Vietnam as top priorities. Recent updates highlighted the ongoing rollout of a proprietary Laboratory Information System, boosting testing throughput and customer service. The Group is also aggressively growing its teleconsultation and family clinic network in Singapore, which caters to shifts in patient preferences post-COVID and strengthens recurring local revenues. Internationally, new partnerships in Vietnam and expansion of hospital operations in China are seen as future growth drivers—moves that align with positive analyst sentiment and Singapore investors’ increasing interest in companies with strong regional leverage.

The company’s balance sheet remains robust with SGD 343.7 million in cash, supporting upcoming buybacks and strategic investments. Financial flexibility positions Raffles Medical to weather industry competition, currency fluctuations, and evolving regulatory challenges in Singapore. The recently announced share buyback plan (up to 100 million shares over two years) also reinforces management’s confidence in the stock’s intrinsic value and signals a constructive outlook for capital returns, further boosting appeal among institutional investors and analysts in Singapore.

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P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.