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DBS downgrades Q&M to 'hold', lowers TP to 53 cents on delayed expansion plans

Felicia Tan
Felicia Tan8/16/2022 07:43 PM GMT+08  • 2 min read
DBS downgrades Q&M to 'hold', lowers TP to 53 cents on delayed expansion plans
During the 1HFY2022 ended June, Q&M’s revenue fell by 4% y-o-y to $90.9 million while net profit fell by 45% y-o-y to $9.9 million.
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DBS Group Research analysts Tabitha Foo and Paul Yong have lowered their call on Q&M to “hold” from “buy” previously as the group’s expansion plans have been delayed.

In their report, the analysts have also lowered their target price estimate to 53 cents from 72 cents. The new target price is based on 22x (-0.25 standard deviation or s.d.) FY2023 P/E for its core dental business.

During the 1HFY2022 ended June, Q&M’s revenue fell by 4% y-o-y to $90.9 million while net profit fell by 45% y-o-y to $9.9 million.

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