We attended the official opening of Aoxin Q&M Dental Group Limited’s (“Aoxin’s”) new dental hospital, Panjin Aoxin Q&M Stomatology Hospital, in Liaoning Province, Northern China on Sunday 20th May-18. During this site visit, we also had the opportunity to visit its other dental centres in Liaoning Province, as well as to understand Aoxin’s operations and technical insights from the Group’s Board of Directors and Executive Officers.
Aoxin is one of the leading providers of private dental services and dental equipment and supplies in Liaoning Province, Northern China. The Group’s business can be categorised into 3 segments: (a) Provision of private dental services, (b) Distribution of dental equipment and supplies, (c) Laboratory services.
No stock rating or price target provided, as we do not have coverage on Aoxin Q&M Dental Group Ltd. However, on our back-of-the-envelope calculation, as we include earnings from its 3 new dental centres in FY18, we arrived at a valuation of S$0.29, based on estimated 0.82 SCents FY19 EPS (exchange rate of 1 SGD to 4.95 RMB) and 35x forward PER.
Dividend: No formal dividend policy.
One of the leading providers of private dental services and dental equipment and supplies in Liaoning Province, Northern China.
The Group’s business can be categorised into 3 segments:
The Company was listed on the Catalist board on 26 Apr-17.
Figure 1: Official opening of the new Panjin Hospital