Q&M: MKE expects 1Q16 core earnings to rise 21% y/y to $3.5m, in line with house’s full year street-high forecast of $17m, as four acquisitions were completed in Sep 2015 – Feb 2016. They have a profit guarantees of $3.1m a year.
The house believes a healthy 1Q16 and more acquisitions could trigger a re-rating of the stock.
MKE has a Buy call and $0.88 TP, and recommends a switch from Raffles Medical to Q&M.
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