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Singapore's largest private hospital and clinic group, providing hospital care, occupational health services and health insurance.
Singapore's largest private hospital and clinic group, providing hospital care, occupational health services and health insurance.
Earns from fees for hospital care and clinic visits, paid by patients directly, by insurers, or by employers who contract the group to look after staff health, which feeds steady clinic volumes into the hospital. An insurance arm adds premiums. Its founder, Dr Loo Choon Yong, and his family remain large shareholders.
In one line: Singapore's largest private hospital/clinic group, like a regional HCA Healthcare.
Moat: narrow (brand, installed base, scale). Established premium private hospital brand and clinic network with a medical tourism draw.
Headquarters: Singapore · Founded: 1976 · Employees: 2,965
Size Raffles Medical (BSL.SI) is a Singapore Health Care company (Hospital/Nursing Management) with a market value of $1.25B, the 64th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.84 on 6 Nov 2026.
Performance Over six months the shares fell 14.7%, against -2.2% for the median peer and -1.2% for the Singapore market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +14.3%); the operating margin is 11.1% (peer median 9.9%).
Valuation It trades at 27.3× forward earnings against a peer median of 38.1× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$740M | S$765M | S$752M | S$707M | S$823M |
| Revenue growth | — | +2% | +6% | -14% | — |
| Gross profit | S$126M | S$137M | S$129M | S$141M | S$255M |
| EBITDA | S$125M | S$132M | S$127M | S$137M | S$246M |
| Net income | S$67.5M | S$70.6M | S$62.2M | S$90.2M | S$143M |
| Free cash flow | S$105M | S$98.1M | S$73.2M | S$174M | S$167M |
| Capital expenditure | S$8.68M | S$10.0M | S$20.9M | S$21.9M | S$25.3M |
| Total debt | n/a | S$87.4M | S$88.2M | S$108M | S$96.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Raffles Medical BSL.SI | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% |
| Thomson Medical A50.SI | $953M | -21% | +6% | 10% | n/a | 20.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BSL.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -0.6% | 6th highest of 20 |
| 6-month return | -14.7% | -2.2% | 6th lowest of 20 |
| Distance from 52-week high | -21.8% | -17.6% | 10th lowest of 20 |
| Revenue growth (TTM) | -3.2% | +14.3% | 2nd lowest of 21 |
| Operating margin | 11.1% | 9.9% | 7th highest of 20 |
| Forward P/E | 27.3× | 38.1× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 15.0% | least demanding of 15 |
| Growth delivered (Del g) | +6.1% | +10.3% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -8.6 pp | +4.7 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +3.4 pp | -2.3 pp | 5th highest of 20 |
| EV / EBITDA | 10.9× | 15.4× | 6th cheapest of 16 |
| Net debt / EBITDA | -1.8× | 2.5× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 28.3× | 30.5% | +10.2% |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 41.0× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 48.5× | n/a | n/a |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | n/a | 20.9% | +11.8% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 67.3× | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 18.2× | 0.7% | +19.7% |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | n/a | n/a | n/a |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | n/a | 16.3% | +18.1% |