The crisis isn’t over yet — but this Singapore stock is profiting from it. Raffles Medical Group (SGX:BSL) is a S$2.9 billion healthcare operator. Today, Raffles Medical owns more than 106 hospitals, clinics and specialist centres — across Singapore, China, Vietnam and Cambodia. Raffles Medical has somewhat a gift of “capital-efficiency”. What I mean is Raffles Medical produces a high returns on their shareholders’ equity (ROE). These returns don’t need large, ongoing capital investments to maintain the business. Instead, Raffles Medical deploys excess capital to grow its business — adding more hospitals beyond Singapore. Now, don’t let the term: return on shareholders’ equity scare you. It’s a simple concept. Shareholders’ equity measures the amount of investors’ capital used by the company. To calculate this: you need to look at the total equity of the company and subtract all intangible and goodwill assets. Then, to find ROE: take the profits earned divide by total shareholders’ equity....