Players are turned off by Qualitas Medical's high valuation. IPO price of $0.25 translates to P/E of 27.8X. Pullback in broad market also weighing on stock. Despite dismal performance, OCBC says Malaysia-based clinic chain still has attractive traits. Notes "critical mass" of doctors (from 89 clinics, 63 affiliate clinics) makes company attractive when it comes to seeking contracts from corporate employers, multinational corporations; "Qualitas will also be a candidate that comes to mind for small private clinics seeking to join or become affiliated with a larger group."
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