Equity Analysis /
Hong Kong

HK : Modern Dental Group Ltd - Looking beyond full recovery in 2H22F

    Ray Kwok
    Ray Kwok

    Technology Analyst

    1 April 2022
    Published byCGS-CIMB

    FY21 core net profit jumped 52% yoy; it formed only 90% of our forecast due to weak 2H21 performance owing to several one-off expenses and FX loss. Digital solutions continue leading MDG’s gain in the global dental prosthetic market share, and profitability improvement. Reiterate Add, with our TP unchanged at HK$6.38 (10x CY23F P/E).