CGS International Securities Pte. Ltd.
April 16, 2025
Trendspotter: Raffles Medical Group Ltd – Uptrend in an Early Stage
The global market experienced significant fluctuations as President Donald Trump’s evolving tariff war with major trade partners showed little signs of abating. This uncertainty, coupled with mixed results from Wall Street’s financial heavyweights, left investors cautious about taking on too much risk. Despite a nearly 1% climb, the S&P 500 finished lower.
Market Recap and Key Events
US-China Trade Tensions: The Asian nation ordered airlines not to take further deliveries of Boeing Co. jets, indicating escalating trade tensions.
European Union and US Trade Relations: Scant progress was made in bridging trade differences, adding to the uncertainty.
Market Performance: Bonds rose as a Treasury official mentioned a potential rule change to lower trading costs for banks. The dollar snapped a five-day slide.
Singapore Retail Research: Property Development and Investment
Slight Increase in March 2025 Home Sales
March 2025 ex-EC Private Home Sales: Fell by approximately 54% month-over-month but were 1.5% higher year-over-year.
Outlook for 2Q25F Home Sales: Expected to remain higher year-over-year due to upcoming new launches and a low base in 2Q24.
Sector Preference: CGS International retains a Neutral rating for the sector, with top picks including UOL, CLI, and CIT.
Raffles Medical Group Ltd – Technical Buy
Company Overview
Raffles Medical Group Limited operates medical clinics, imaging centers, and medical laboratories, providing general and specialized medical, medical evacuation, medical advisory, and dental treatment services.
Technical Analysis and Recommendation
Current Price: SGD 0.990
Entry Prices: SGD 0.990, 0.950, 0.920
Support Levels:
Support 1: 0.920
Support 2: 0.890
Stop Loss: 0.890
Resistance Levels:
Resistance 1: 1.02
Resistance 2: 1.13
Target Prices:
Target Price 1: 1.12
Target Price 2: 1.21
Target Price 3: 1.25
Target Price 4: 1.30
Key Technical Indicators
Rebound from Retracement Levels: Raffles Medical has rebounded from the 50.00%-61.8% retracement levels with strong bullish pressure.
Ichimoku Indicators: Prices are trending above all Ichimoku indicators.
MACD Histogram: Positive, with a crossover at the bottom.
Stochastic Oscillator: Despite being overbought, the stock shows strong bullish pressure.
23-Period ROC: Remains elevated above the zero line, indicating bullish divergence.
Volume: In a healthy expansion.
Disclaimer and Disclosures
This report is prepared by CGS International and belongs to them.
It is not directed to or intended for distribution to any person or entity in jurisdictions where such distribution would be contrary to law or regulation.
The information contained is believed to be correct and reliable but CGS International does not accept any obligation to update or ensure its accuracy.
Analyst Disclosures
As of April 16, 2025, the analyst(s) who prepared this report and the associate(s) has/have an interest in the securities in the following company or companies covered or recommended in this report.
Regulatory Disclosures
Australia: Provided by CGS International Securities Singapore Pte. Ltd. (“CGS SG”) and CGS International Securities Hong Kong Limited (“CGS HK”).
Canada: Not prepared in accordance with disclosure requirements of Dealer Member Rule 3400.
China: Distributed outside the PRC to a limited number of institutional investors.
France: Only qualified investors within the meaning of French law shall have access to this report.
Germany: Directed at professional investors as defined in sec 31a(2) of the German Securities Trading Act (WpHG).
Hong Kong: Issued and distributed by CGS International Securities Hong Kong Limited, licensed for Type 1 and Type 4 activities.
Distribution Restrictions and Regulatory Information
This publication is strictly confidential and for private circulation only.
Recipients are advised to make their own independent evaluation of the information contained in this research report.
Recommendation Framework
Stock Ratings:
Add: Total return expected to exceed 10% over the next 12 months.
Hold: Total return expected to be between 0% and positive 10% over the next 12 months.
Reduce: Total return expected to fall below 0% over the next 12 months.
Sector and Country Ratings Definitions also provided.
Rating Distribution
Add: 71.0%
Hold: 20.9%
Reduce: 8.2%
Distribution of stock ratings and investment banking clients for the quarter ended on March 31, 2025, covering 551 companies.
