About Raffles Medical Group (SGX:BSL) Raffles Medical (SGX:BSL) is perhaps one of the most well-known and largest private medical companies in Singapore. Its brand is synonymous with Raffles Hospital situated in Bugis as well as the Raffles Clinics. In the medical line, the reputation of the hospital is vital and acts as a natural moat. Raffles Medical (RM) has done so by establishing its brand name in the private medical market. It currently operates primarily in 2 countries – Singapore and China. As part of its expansion in Singapore, RM recently opened a new centre in Holland Village in 2016 and A new wing for the specialist center at its Bugis Hospital branch. Has businesses in other SEA countries. Valuation Based on full year results: Raffles has a reported earnings-per-share of 4 cents and a dividend of 2.25 cents From a current price of $1.13 (as of 5 Oct 2018), it points to a 28x