{"id":86923,"date":"2026-03-20T08:37:04","date_gmt":"2026-03-20T00:37:04","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=86923"},"modified":"2026-03-20T08:37:05","modified_gmt":"2026-03-20T00:37:05","slug":"company-report-qm-dental-group-ltd-qnm-sp-qc7-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-qm-dental-group-ltd-qnm-sp-qc7-si\/","title":{"rendered":"Company Report: Q&amp;M Dental Group Ltd. (QNM SP\/ QC7.SI)"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Company Update: 20 March 2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Re-fuelled for the next leg<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Well-funded next phase.<\/strong> Q&M completed a S$130mn 3.95% note issuance in Jul 2025. The larger cash balance expands capacity for organic rollout and tuck-in M&A but also raises the hurdle for capital deployment.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Regional Pipelines Are Now More Concrete<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Post year-end, management disclosed active M&A progress across Australia, Thailand, Singapore and China. The proposed Australian platform alone would add more than 40 clinics and c.120 dentists, while the broader pipeline suggests FY26 could mark the start of a more visible regional build-out.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">FY25 Financial Results<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Q&M reported FY25 revenue of S$197.2mn, up 9.2% YoY, with core dental revenue increasing 12.5% to S$190.8mn. Reported PATMI was S$9.3mn, but adjusted PATMI excluding other gains\/losses and MTN\/PSP related expenses was stable at S$17.0mn. 2H25 was the stronger half as Singapore clinics improved and Aoxin was fully embedded into the perimeter.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Valuation & Action<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We reiterate <strong>OUTPERFORM<\/strong> and raise 12M TP to <strong>S$0.65<\/strong>. We keep terminal growth at 2.0% but raise WACC to 8.0% from 6.6% to reflect a more conservative cost of capital framework around deployment risk and terminal value sensitivity.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Risks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Weaker deployment returns, softer Singapore productivity, integration risk in China, and a longer financing-cost drag.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/Q%26M%20Dental%20FY25%20Financial%20Results.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"> Read Full Report<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"760\" height=\"208\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/04\/subscribegif.gif\" alt=\"Subscribe Now\" class=\"wp-image-3937\"\/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Well-funded next phase. Q&#038;M completed a S$130mn 3.95% note issuance in Jul 2025. The larger cash balance expands capacity for organic rollout and tuck-in M&#038;A but also raises the hurdle for capital deployment.<\/p>\n","protected":false},"author":17,"featured_media":64613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-86923","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\/2025\/03\/QM.png?wsr",6000,4200,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-300x210.png?wsr",300,210,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-768x538.png?wsr",768,538,true],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-1024x717.png?wsr",800,560,true],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-1536x1075.png?wsr",1536,1075,true],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/QM-2048x1434.png?wsr",2048,1434,true]},"uagb_author_info":{"display_name":"Enya Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/enya-tankgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Well-funded next phase. Q&M completed a S$130mn 3.95% note issuance in Jul 2025. The larger cash balance expands capacity for organic rollout and tuck-in M&A but also raises the hurdle for capital deployment.","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86923","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\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=86923"}],"version-history":[{"count":1,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86923\/revisions"}],"predecessor-version":[{"id":86925,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86923\/revisions\/86925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/64613"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=86923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=86923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=86923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}