- Q&M Dental (SGX:QC7) completed a S$130mil 3.95% note issuance in Jul 2025. The larger cash balance expands capacity for organic rollout and tuck-in M&A but also raises the hurdle for capital deployment.
Reported profit was distorted by accounting noise.
- - Read this at SGinvestors.io -
Scope changed materially in FY25.
- This was not a clean like-for-like year. Aoxin Q & M (SGX:1D4) moved from associate to subsidiary after the May 2025 control event, and EM2AI was also reconsolidated. That lifted reported scale, expanded goodwill and intangibles, reduced investment in associates to near-zero, and introduced sizeable accounting noise through deemed disposal losses.
The operating footprint is larger.
- - Read this at SGinvestors.io -
- Relative to FY24, the group is now visibly more regional in presentation, even if Singapore remains the dominant earnings base.
Revenue quality improved more than reported earnings.
- Read more at SGinvestors.io.
