SG : Q&M Dental Group - Officially levelled up

QM Dental Group’s subsidiary Acumen Diagnostics was awarded a tender for the provision of Covid-19 swab and testing services. We expect QM to potentially be able to conduct an additional c.900 daily tests across phase 1 sites, as highlighted in the tender. Reiterate Add with an unchanged TP of S$0.97, pegged at 20x FY22F P/E. Potential catalysts include higher-than-expected number of tests performed.

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