07/25/24

Net revenue reached US$1.01bn in the second quarter.

Singapore.-  Las Vegas Sands  has reported that  Marina Bay Sands&rsquo (MBS)  net revenue was  down 12.3 per cent quarter-on-quarter  from US$1.16bn to US$1.01bn in the second quarter of the year. The figure was  up 9.8 per cent when compared to last year.

 

The Edge Singapore has scored the stocks featured in this week&rsquo s Johor-Singapore Special Economic Zone (JS-SEZ) cover story based purely on quantitative metrics. The scoring table comprises 10 companies listed on the Singapore Exchange S68 0.41% (SGX) and Bursa Malaysia.

 

Q& M Dental Group is also undervalued. The company operates around 104 dental clinics in Singapore and 44 in Malaysia, with 16 of the 44 in Johor. Anecdotal evidence shows that Singapore residents often make a beeline to Johor for dental work, due mainly to lower costs.

 

Outside of Singapore and Malaysia, Q& M is a substantial shareholder of Catalist-listed Aoxin Q& M 1D4 0.00% Dental Group, which operates dental clinics and hospitals primarily in the northeastern region of mainland China.

 

In 2020, the group expanded into the medical laboratories and research industry with a strategic investment in Acumen Diagnostics. Acumen is one of the few licensed medical laboratories for Covid-19 diagnostics in Singapore. The diagnostic laboratory is currently focused on commercialising its panel of PCR-based diagnostic testing for conditions such as sepsis, human papillomavirus (HPV) and colon cancer for private sector clinics and hospitals in Singapore. In addition, Acumen is running the Joint Testing and Vaccination Centre.

 

Separately, EM2AI, an associate of the group that focuses on developing AI-powered solutions, has rolled out a cloud-based Integrated Dental Management System that efficiently facilitates patient relation management and operational processes in the clinic. A Q& M Patient App integrated with EM2Clinic, which stores records such as the patient&rsquo s X-rays and 3D intra-oral scanned images, has been launched. EM2AI has also successfully deployed its AI detection module throughout the group&rsquo s dental clinics in Singapore and Malaysia.

 

In FY2023 ended December 2023, Q& M reported a net profit $11.07 million, down marginally y-o-y. Based on the quantitative scoring table, Q& M is undervalued as its yields are attractive relative to the risk-free rate. The company also trades at a discount to its peers, such as a 44%, 20% and 12% discount for P/E, EV/Ebit and P/B respectively compared to regional peers in developed Asia Pacific.

 

Further, Q& M scored highly for its price-tovalue ratio where the growth in its weighted value exceeded the growth in stock price over a one-, three-, five- and 10-year period. Analysts also have a target price of over 30% its current trading price, with two &ldquo buy&rdquo calls, no &ldquo hold&rdquo calls, and &ldquo no sell&rdquo calls for recommendations updated this year.