Q&M

Q&M: FY13 results beat estimates. Net profit climbed 29% to $6.5m, while revenue was 24.7% higher at $71m, led by a 22% increase in dental and medical clinics from both existing and new clinics. Dental Equipment and Supplies Distribution contributed $4.2m (+110%), with the growth mainly from a Malaysian acquisition made last July. As at end FY13, the Group has a total of 64 outlets compared to 56 in FY12. Final DPS of 0.64¢ proposed, bringing full year payout to 1.3¢ (FY2012: 0.675¢). Going forward, the group intends to have 75 clinics by 2015 (60 in Singapore, 15 in Malaysia) Q&M trades at 38.3x trailing P/E and 5.4x P/B