Turning challenges into opportunities
Joel Ng / 65 6202 1192 / joel.ng@kgi.com

• Q & M Dental Group (Q&M) has remained resilient with its dental and medical services through Covid-19. It continues to be the bread and butter of the group, as its network of clinics dominate the private dental healthcare space.
• Booster shot. In 1Q21, the group generated S$4.6mn sales from its equipment and lab tests segment (from S$1.6mn in 1Q20), a significant part contributed from its investment in medical tech firm Acumen Diagnostics. Given the
continued need for Covid-19 testing regardless of the availability of vaccines, we are confident on the outlook of Acumen Diagnostics in the short-medium term.
• We maintain OUTPERFORM and raise our 12-month target price to S$0.91. Q&M continues to generate stable and resilient earnings, and we foresee no material changes in or threats to its market share in the private dental space in
the medium term.