Q&M Dental

Q&M Dental: CIMB initiates with an Add rating and TP of $0.55. House cites that Q&M is under-researched and undervalued, reflecting the market’s lack of appreciation for its almost recession-proof business model, backed by both its strong dentistry franchise and overseas expansion plans. House likes Q&M for its strong recurring domestic earnings and international expansion plans. Re-rating catalysts are the opening of more clinics, higher charges, expansion through acquisitions, joint ventures and/or strategic alliances, as well as the listing of its overseas dental business.