Q&M Dental Group
What does the established clinic network earn after consolidation effects?
State: open
Evidence cutoff: 2026-08-25
Question reviewed: 2026-09-07
Mechanism: Aoxin consolidation and profit-guarantee income affect group and geographic comparisons.
Best public test: Read the geographic and segment results, profit-guarantee revenue note and any issuer perimeter reconciliation.
Ideal disclosure: An Aoxin-separated revenue/profit bridge and dated patient volume and fee measures.
Limits: Mixed group revenue divided by clinic count does not measure clinic productivity.
Resolution requires: Comparable established-network revenue and profit can be separated from consolidation and guarantee income with a stated basis.
Question ID: qm-dental-established-network
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di | src-qm-dental-established-network-support | excerpt SHA-256 e823961e7519e8bb32de2df9bb3cbe1783ff7722a4793f2381ee843a020e70b1
https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di | src-qm-dental-established-network-challenge | excerpt SHA-256 ba3a90dab29e84cca1a3308ad8501749f2461ce4f84265917dcf6d896234cfe9
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

Q&M Dental Group
Does recognised guarantee income become cash available for acquisitions?
State: open
Evidence cutoff: 2026-08-25
Question reviewed: 2026-09-07
Mechanism: Guarantee income, receivables, enforcement proceeds and acquisition-paying entity liquidity are different stages.
Best public test: Read the receivable and acquisition notes, enforcement notices and disclosed parent facility terms.
Ideal disclosure: Guarantee receivable/allowance and cash-settlement roll-forwards, with parent committed facilities.
Limits: Shares received through enforcement are not necessarily cash; group cash is not automatically available at the parent.
Resolution requires: Cash settlements and the remaining enforceable receivable are reconciled, and cash availability at the paying entity is evidenced.
Question ID: qm-dental-guarantee-cash
Snapshot: smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8
Evidence:
https://smidresearch.com/companies/qm-dental/#where-the-cash-went | src-qm-dental-guarantee-cash-support | excerpt SHA-256 01959bb6ee8400017f590a553b2890b39a96533c64a41edbdfe3318d87725cab
https://smidresearch.com/companies/qm-dental/#questions-the-filings-do-not-answer | src-qm-dental-guarantee-cash-challenge | excerpt SHA-256 d6ccd43423bd1ba46e42793de6e7543799c956957f0e9dfeb90279eb027b5023
Organised from published SMID research. A linked issuer document is not a new independent review.
No ratings, price targets or personalized recommendations.

Revenue: S$99.5m | 1H2026 | as-filed | obs-qm-dental-revenue
Definition: Revenue for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/qm-dental/#research-brief

Company-stated EBITDA: S$19.2m | 1H2026 | as-filed | obs-qm-dental-issuer-ebitda
Definition: Company-stated EBITDA for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/qm-dental/#research-brief

Cash: S$119.2m | 2026-06-30 | as-filed | obs-qm-dental-cash
Definition: Cash for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/qm-dental/#research-brief

Borrowings and leases: S$181.5m | 2026-06-30 | as-filed | obs-qm-dental-borrowings-leases
Definition: Borrowings and leases for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.
Source: https://smidresearch.com/companies/qm-dental/#research-brief