Opening up more room for growth<\/strong><\/strong><\/strong><\/strong><\/p>\n\n\n\n Looking at further expansion.<\/strong><\/strong><\/strong> Q & M Dental Group, in its financial results announcement, revealed plans to explore strategic growth opportunities in Singapore and other Asia-Pacific markets. This decision follows a year of business process streamlining that has led to improved profitability, suggesting the company is well-positioned for its next phase of growth.<\/p>\n\n\n\n The company experienced a significant increase in its net profit margin (NPM), which rose to 11.5% in the first half of 2024, up from 6.6% in the same period of 2023. Several expense categories remained flat or decreased year-over-year, highlighting the company\u2019s successful efforts to streamline business processes and enhance operations organically. We anticipate this improved efficiency to persist throughout the remainder of the year.<\/p>\n\n\n\n The Group announced an interim dividend of 0.40 Singapore cents per share for 1H24, to be paid on 2 September 2024, representing a 150% increase YoY and a dividend payout ratio of 39%.<\/p>\n\n\n\n We maintain an OUTPERFORM recommendation and keep our TP unchanged at S$0.35, based on a financial analysis using discounted Cash Flow (DCF), with a terminal growth rate of 2% and a WACC of 8.3%.<\/p>\n\n\n\n The company is exposed to currency translation risk as it operates its business in several key markets such as Singapore, Malaysia, and China.<\/p>\n\n\n\n China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent<\/p>\n","protected":false},"author":10,"featured_media":5879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-50464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo.png?wsr",500,500,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo-300x300.png?wsr",300,300,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo.png?wsr",500,500,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo.png?wsr",500,500,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo.png?wsr",500,500,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/06\/QnM-logo.png?wsr",500,500,false]},"uagb_author_info":{"display_name":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/50464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=50464"}],"version-history":[{"count":2,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/50464\/revisions"}],"predecessor-version":[{"id":50467,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/50464\/revisions\/50467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/5879"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=50464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=50464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=50464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\n\n\nImproving profitability.<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
1H24 Interim dividend.<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
Valuation & Action<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
Risks<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
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