Broker: OCBC Group
Date: 8 June 2026

Excerpt from OCBC Group report:

Report Summary

• Stock to Focus: Q&M Dental Group (QNM SP)
• Action: Initiate BUY rating
• Target Price: SGD 0.76
• Key Idea: Q&M is Singapore’s leading private dental chain, leveraging a fragmented market for both organic and inorganic growth. It is expanding its regional footprint via strategic M&A, including proposed acquisitions in Thailand and Australia. Its investment in AI-powered solutions (EM2AI) enhances clinical efficiency and provides scalable, higher-margin revenue streams.
• Implications: The group is forecasted to grow revenue from SGD 197.2m (FY25) to SGD 376.8m (FY30), with PATMI projected to triple. Main risks are execution and integration across multiple deals, higher leverage post-acquisition, and China market uncertainties.

Above is an excerpt from a report by OCBC Group. Clients of OCBC Group can be the first to access the full report from the OCBC Group website : https://www.ocbc.com