It could shoo away foreign patients.
Singapore recorded a 7.8% growth in tourist arrivals in the past year, whilst January 2017 showed sustained momentum with a 4.8% year-on-year improvement. This is good news for Raffles Medical Group, as these figures point to a stronger medical tourism segment.
However, UOB KayHian said despite the firm tourist arrivals, Raffles should watch the currency weakness, especially with a strong SGD versus regional currencies such as the Malaysian ringgit and Indonesian rupiah.
Tourists in Indonesia and Malaysia account for a third of Raffles’ foreign patients.
"However, for RMG, the group has a large foreign-patient base from over 100 countries, which we believe could help RMG weather any weakness from several countries," UOB KayHian said.
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