Strong interest in Asia's leading listed dental group.
The NDR we
held yesterday for Q&M drew active participation from ten institutional
fund managers and surprisingly, many stimulating questions despite
Q&M being a relatively unknown small cap.
We also received
enthusiastic involvement from Q&M, comprising CEO, CFO and COO,
who were able to effectively shed greater light on the group's growth
plans in the region particularly China, its strategy of balancing
geographical expansion and capital needs, its successful model of
sharing revenue with dentists and cost centralisation that has allowed it
to punch above its weight with almost 20% market share in Singapore,
and the benefits an alliance with Q&M brings to dentists.
We maintain
BUY on Q&M with a target price of SGD0.41.
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