Raffles Medical Group (RMG) use to be the darling stock in SGX with an exceptional strong balance sheet, growing earnings yoy, plus attractive dividends.

Source: www.rafflesmedicalgroup.com

(Note: all price in SGD unless otherwise mentioned)

From end 2008, the share price has rose from a low of 0.6, to a peak of ~5.0 in the 2015-2016 period. In early 2016, the company announced a 3-1 share split. From 2016 onwards, RMG’s share price has been declining from 1.55 to 1.0 by the end of 2019, and a further 20 percent tumble this year. All in all, the share price has almost halved since 4 to 5 years ago. And, if you would have bought the stock eight years ago, you be seeing zero growth in share price, aside from the dividends collected.


RMG has been able to grow its revenue yoy despite the share decline. Revenue rose 27 percent from 410 million in 2015 steadily to 522 million in 2019.