Q&M Dental Group - Phillip Securities 2024-08-29: Organic Growth Returning

• Q&M Dental (SGX:QC7)'s 1H24 results were within expectations. Adjusted PATMI jumped 48% y-o-y to S$8mil. Q&M Dental's interim dividend jumped 150% y-o-y to 0.4 cents. Revenue and adjusted PATMI were 48% and 47% respectively of our FY24e results.
• - Read this at SGinvestors.io -
• Associate Aoxin Q&M also registered a major turnaround in operations from government policies, reduced competition and cost control measures.
• We maintain our BUY recommendation on Q&M Dental with target price of S$0.36. No material changes to our FY24 estimates.

The Positive

Growth in revenue and margins.

• - Read this at SGinvestors.io -
• Growth has been driven by increased revenue intensity or high contribution of complex cases. Gross margins improved by 1% point to 89.1.%.
• Other cost-saving initiatives include lower payment processing and lab fees, and lower EM2AI costs.

The Negative

Falling number of clinics.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-08-20 Q&M Dental - More Growth After The Reorg.

Previous report by Phillip:
2025-03-13 Q&M Dental - Reorganising For Future Growth.

Price targets by other brokers at Q&M Dental Target Prices.

Listing of research reports at Q&M Dental Analyst Reports.

Relevant links:
Q&M Dental Share Price History,
Q&M Dental Announcements,
Q&M Dental Dividend Payout Dates & Corporate Actions,
Q&M Dental News