Q&M:
- Completed the acquisition of British Dental Surgery in Choa Chu Kang for $0.6m.
- Small-scale acquisitions would gradually enable Q&M build significant scale.
- Further, the acquisitions are relatively cheap, priced at a >70% discount relative to Q&M's valuations.
- Q&M remains as a key constituent in the Market Insight Growth portfolio.
- Current valuation of 29x FY17 P/E is attractive.
- Maybank KE last had a Buy call on the healthcare counter with TP of $1.08.
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