Q&M Dental Group - A Record Year Despite 4Q21 Miss
- Q&M Dental Group (SGX:QC7)'s 4Q21 net profit of S$3.2m was below expectations on higher staff (+21% y-o-y) and tax expenses (+98% y-o-y). Core dental revenue was strong as expected.
- Accelerated outlet expansion in FY21 should underpin 24% dental revenue y-o-y growth in FY22F. Rollout of non-COVID PCR services could be a catalyst.
- Q&M Dental's dividend yield and ROE notably higher than peers. Valuations attractive at -1 standard deviation of historical mean P/E.
- Reiterate ADD call on Q&M Dental with an unchanged target price of S$0.79.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | Kenneth TAN CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-24 2022-02-24
Read also CGS-CIMB's most recent report:
2022-11-14 Q&M Dental Group - Dental Core Revenue Growth Commendable.
Previous report by CGS-CIMB:
2022-10-12 Q&M Dental Group - Tender Win Alleviates Short-Term Pressure.