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SG : Raffles Medical Group - Key tester in Changi Airport

We like RFMD’s position as one of the key private players in supporting nationwide Covid-19 testing, especially as Changi Airport’s dominant tester. RFMD could see its Covid-19 testing activities grow to at least 6k tests per day as Singapore ramps up average PCR tests to 89k/daily in May 21. We lift our FY21-23F EPS by 12.1-15.9% as we impute higher testing revenue and upgrade RFMD to Add with a higher SOP-based TP of S$1.22.


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