#2 Raffles Medical

Raffles Medical Group (RMG) is an integrated private healthcare provider in the Asian region, involved in various types of tertiary medical services. Its flagship is the Raffles Hospital located in Singapore. RMG does have presence in other countries such as China, Japan, Vietnam and Cambodia, but most of its revenue is still derived from Singapore at 91.2% of total revenue. RMG’s business is still mostly derived from general healthcare services at about 54.3% of revenue, while its more sophisticated hospital services which include surgeries account for 41.0%. RMG wasn’t really affected by the pandemic considering its status as a healthcare provider. Revenue grew by almost 1.5 times to SGD723.8 million in 2021 from SGD522.0 million in 2019 on higher patient visits. Meanwhile, profits grew by 29.5% in 2021, while its operating cash flow also grew by a healthy 19.3%. Its profit margins have been relatively stable at...