Broker: CGS International
Date of Report: August 8, 2025

Singapore Market Insights: Bullish Momentum in Q&M Dental Group and Equity Market Trends for 2025

Executive Summary: Singapore’s Equity Revival and Key Stock Opportunities

Singapore’s equity market is entering a period of renewed optimism, driven by robust government support and global shifts in manufacturing strategies. With the S\$5 billion Equity Market Development Programme (EMDP) boosting trading liquidity and narrowing valuation discounts, investors are eyeing a basket of undervalued Singapore-listed stocks showing early to mid-stage uptrends. The latest analysis spotlights Q&M Dental Group Singapore Ltd as a prime candidate for technical accumulation, alongside a macro overview of sectoral resilience amid geopolitical change.

Global Supply Chain Shifts: US Semiconductor Tariffs and the Asian Response

In a landmark move, US President Donald Trump announced a 100% tariff on semiconductor imports, while offering exemptions for companies relocating production to the US. Apple, flanked by CEO Tim Cook, pledged a further US\$100 billion in domestic manufacturing investments, joining other tech giants like Taiwan Semiconductor Manufacturing Co. (TSMC) and Nvidia Corp. in a trillion-dollar manufacturing pivot.
Key points:

• TSMC and South Korean chipmakers (Samsung Electronics, SK Hynix) are exempted from US tariffs due to their US investment commitments.
• Global electronics supply chains are experiencing a seismic shift from decades of reliance on China to increased US-based manufacturing.
• Singapore stands to benefit as regional capital reallocates and as the government pushes for greater equity market participation and liquidity.

Singapore’s Equity Market Outlook: Value Up A-Z Chart Book

• The EMDP is expected to improve trading liquidity and reduce valuation discounts versus regional peers.
• A systematic screening identified 23 Singapore-listed stocks trading below 10x P/E or 1x P/BV, signaling attractive entry points.
• These stocks have rebounded strongly from recent bottoms and are entering early to mid-uptrends (1-3 months), with potential for further bullish momentum over 6-12 months.
• Investors are encouraged to accumulate on dips or position ahead of technical breakouts, especially in fundamentally improving, attractively valued names.

Technical Spotlight: Q&M Dental Group Singapore Ltd

Stock Ticker: QNM Last Price: S\$2.63 Analyst: CHUA Wei Ren, CMT

Company Overview

Q&M Dental Group (Singapore) Limited operates an extensive network of dental clinics, providing services ranging from aesthetic and children’s dentistry to crowns, dentures, orthodontics, gum treatments, and oral surgery.

Technical Analysis and Buy Recommendation

The bullish trend in Q&M Dental Group remains intact, with price action and technical indicators supporting a continued upward trajectory. Below are the key technical levels and signals:

Technical Highlights

• The stock has maintained a steady uptrend channel since November 2023.
• A strong bullish candle confirms continuation after breaking above a falling wedge.
• Ichimoku cloud analysis signals robust bullish momentum.
• MACD remains firmly above the zero line, with a positive histogram.
• The Stochastic Oscillator continues to rise, indicating ongoing upward momentum.
• The 23-period Rate of Change (ROC) is positive, supporting further gains.
• Directional Movement Index shows persistent bullish strength.
• Volume trends reflect healthy expansion, reinforcing the technical setup.

Singapore Value Stock Screen: Methodology and Rationale

The screening criteria for value opportunities focused on:

• Stocks trading below 10x price-to-earnings (P/E) or 1x price-to-book value (P/BV).
• Technical setups indicating early or mid-stage uptrends, with strong rebounds from recent bottoms.
• Potential for sustained uptrend momentum over the next 6-12 months, particularly for fundamentally improving companies with rising trading flows.

Looking Ahead: Strategic Positioning for Singapore Equities

With the Singapore government’s equity market support and a shift in global capital flows, the outlook for Singapore stocks is increasingly constructive. Investors are advised to:

• Monitor technical breakouts in identified value stocks, particularly those with improving fundamentals.
• Accumulate positions on price dips within established uptrend channels.
• Stay informed of macro developments, especially shifts in global manufacturing and supply chain strategies that may benefit Singapore-listed companies.

Stock Ratings and Recommendation Framework

• Add: Total return expected to exceed 10% over the next 12 months.
• Hold: Total return expected between 0% and 10% over the next 12 months.
• Reduce: Total return expected to fall below 0% over the next 12 months.

Sector and country ratings follow a similar overweight, neutral, and underweight framework, guiding investors on relative positioning.

Distribution of Stock Ratings (As of June 30, 2025)

Based on 561 companies under coverage for the quarter ended June 30, 2025.

Conclusion: Singapore’s Investment Case Strengthens

The confluence of government support, global supply chain realignment, and technical uptrends in undervalued stocks such as Q&M Dental Group present compelling opportunities for investors. A disciplined approach focused on technical breakouts, value screening, and macro awareness will be key to capitalizing on Singapore’s market resurgence in 2025.