Excerpts from UOBKayHian report Raffles Medical Group (SGX: BSL) 2022 profit margins expanded due to strong performance from the Healthcare Services segment Raffles Medical is facing a global shortage of healthcare workers TCFs will continue to contribute in the near term Increased contributions are expected as China operations pick up steam. With tailwinds and currently trading at attractive valuations, we maintain BUY. Target price: S$1.90. Outperformance from Healthcare Services Despite tapering COVID-19-related activities, Raffles Medical Group (RFMD) noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. However, the group expects margins to taper off to historical norms moving forward. This is in line with our expectations. RFMD had an exceptionally high margin of 63.1% in 2022 due to annual cost savings of S$67m yoy. With domestic inflationary pressures and...