, Singapore

Raffles Medical faces an upward trend in 2022F

This is due to the planned reopening of Singapore’s borders and economy.
In a report by RHB, Raffles Medical (RFMD) is predicted to have an upward trend for the financial year 2022.

The planned opening of Singapore’s borders and the economy is seen as the reason for this. 

According to the report, the opening borders would also result in more COVID testing. As RFMD is the exclusive healthcare service provider at Changi Airport, this group is seen to benefit from this. This includes PCR tests for post-arrival air travellers and passengers under the Vaccinated Travel Lane. More COVID-19 tests are expected at workplaces and communities. 

Community care facilities are also expected to contribute to the growth. With Connect@Changi, which is currently handled by RFMD, this is expected to augment current hospital capacity.

The vaccination drive is also expected to taper off. With 80% of the population being vaccinated, the Ministry of Health (MOH) has plans to reduce the number of Vaccination Centers, with a shift to Public Health Preparedness Clinics in mind. RFMD operates 14 of these VCs, which could lead to lower 2H21 revenue for its healthcare business.

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