Q&M Dental Group - DBS Research 2023-03-15: Border Reopening & Gestating Assets To Remain A Drag

• We are maintaining the number of Q&M Dental Group (SGX:QC7)'s dental clinics in Singapore and Malaysia, at 107 and 44 respectively in FY23-24F, considering management’s new guidance, but raising the revenue per clinic slightly to factor in the addition of new dental chairs in existing clinics and the recruitment of new dentists.
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  • We believe that the outflow of patients to neighbouring countries such as Malaysia and Thailand for dental treatment is likely to continue, reverting to the pre-COVID-19 trend.
• While Q&M Dental's management remains positive about its AI investment, we note that there have been challenges in the development and optimisation of the initiative. We project more losses to come and estimate it could take around three years for a turnaround.
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Q&M Dental – Earnings forecast revision & valuation

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Tabitha FOO DBS Group Research | Paul YONG DBS Research | https://www.dbs.com/insightsdirect/ 2023-03-15 SGinvestors.io

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