Broker: Maybank Research Pte Ltd
Date of Report: April 14, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: Q&M Dental Group (QNM SP)
- Action: HOLD
- Target Price: SGD 0.64 (raised from SGD 0.43)
- Key Idea: Q&M Dental is executing an ambitious M&A-driven regional growth strategy, targeting acquisitions in Australia, Thailand, Singapore, and China, backed by a SGD500m debt issuance program.
- Best-case Scenario: If all 3 major M&As complete by end-2026, FY27E EPS could double to SGD0.03, and fair value could reach SGD0.75 (using 25x FY27E fully diluted P/E).
- Worst-case Scenario: If no M&As complete, FY27E net profit from organic growth is estimated at SGD14.3m with a fair value of SGD0.53 (using 35x FY27E P/E), supported by strong cash holdings and potential for share buybacks/dividends.
- Implication: Execution of M&A strategy is the key re-rating catalyst. The risk-reward is balanced, justifying a HOLD call while awaiting more clarity on deal completions and earnings accretion.
- Summary Financials: FY24A-FY28E revenue expected to grow from SGD181m to SGD216m, with core EPS growing from 1.5 cts to 1.7 cts. Net gearing expected to remain low or in net cash position.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
