Raffles Medical Group Valuation

Hi Victor, Rusmin, How do you value medical company such as RMG which I'm wondering if there is a COGS? Here are the expenses in their Income statement for AR2022 and which expenses will you considered as COGS to be entered in the Financial Analysis spreadsheet? Their business is in mainly providing medical services which means the salary of doctors & supporting staffs and prescriptions should be the COGS (This is what I think). Am I correct to just use item 1, 2 and 3 as COGS?

1. Inventories and consumables used
2. Purchased and contracted services
3. Staff costs
4. Depreciation of PPE
5. Amortisation of intangible assets
6. Operating lease expenses
7. Impairment loss on trade receivables
8. Impairment loss on PPE
9. Impairment loss on intangible assets and good will
10. Other operating expenses