Q&M Dental: CIMB maintains Buy with TP$0.83. Co now has 40 dental clinics and 2 centres up from 37 clinics and 1 centre in 09 and is undervalued with mkt not pricing in franchise and overseas expansion plans. Co also has intentions to separately list Chinese dental operations…
House notes that FY10 rev was up 29% yoy and net profit improving despite business expansion costs, together with an 80% div payout ratio makes it attractive. Co is valued at 17x CY12 P/E cheaper than peers and positives include its strong recurring earnings and potential intl expansions.
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