Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB ups Raffles Medical target price

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STOCKS NEWS SINGAPORE-CIMB ups Raffles Medical target price Oct 23rd 2012, 01:31 Mon Oct 22, 2012 9:31pm EDT CIMB Research raised its target price on shares of Raffles Medical Group Ltd to S$3.52 from S$2.96 and kept its 'outperform' rating, as it expects the healthcare provider to see operating efficiency. By 0124 GMT, Raffles Medical shares were up 0.4 percent at S$2.54, and have gained 19.8 percent since the start of the year, underperforming the FTSE ST Mid Cap Index's 28.4 percent rise. Raffles Medical said its net profit in the third quarter rose 7 percent to S$12.7 million from a year ago, which was below CIMB's estimates. The brokerage cut its 2012-2014 earnings per share forecasts by 2-10 percent to account for higher staff costs. However, CIMB noted that salary increases were in line with industry-wide practices, and expects Raffles Medical to see a slowdown in new hiring, which will reverse the trend of rising staff costs, allowing operating efficiency to follow. 0926 (0126 GMT) (Reporting by Charmian Kok in Singapore; Editing by Anand Basu; charmian.kok@thomsonreuters.com)

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