OCBC Investment Research and Maybank Kim Eng downgraded Singapore healthcare service provider Raffles Medical Group Ltd , citing smaller potential upside from the current share price level after a recent surge.
Raffles shares have risen around 17 per cent so far this month, outperforming the 2 per cent gain in the FT ST Midcap Index.
"We believe this has been buoyed largely by positive sentiment from the impending dual-listing of IHH Healthcare Berhad," OCBC said, adding that Raffles' defensive earnings quality is attractive to investors amid the global volatility.
IHH, the healthcare arm of Malaysia's state investor Khazanah Nasional Bhd, will debut on the Malaysian and Singapore bourses on July 25.
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