Stock Name: OSIM
Company Name: OSIM INTERNATIONAL LTD
OCBC Investment Research in a Feb 8 research report says: "Revenue increased 7.6% y-o-y to $142.7 million, while net profit inched up 0.8% to S$17.1m. Sequentially, top-line and bottom-line grew 15.4% and 30.1%, respectively. For FY2011, revenue of $553.7 million represented an 8.8% climb, or 1.5% higher than our estimates.
"Net profit jumped 37.9% to $69.1 million, and was just 0.5% shy of our $69.4 million forecast. As expected, a final cash dividend of 1 cent was declared, bringing the total FY2011 dividends to 3 cents, and translates into a yield of 2.3%.
"In our view, a slowdown in the economies of OSIM's major markets would make the group's high-end products susceptible to a pullback in discretionary spending. Hence, we cut our FY2012 earnings forecasts by 5.1% and introduce our FY2013 projections. Our fair value estimate declines from $1.37 to $1.35. DOWNGRADE TO HOLD."
Company Name: OSIM INTERNATIONAL LTD
| Research House: OCBC | Price Call: HOLD | Target Price: 1.35 |
OCBC Investment Research in a Feb 8 research report says: "Revenue increased 7.6% y-o-y to $142.7 million, while net profit inched up 0.8% to S$17.1m. Sequentially, top-line and bottom-line grew 15.4% and 30.1%, respectively. For FY2011, revenue of $553.7 million represented an 8.8% climb, or 1.5% higher than our estimates.
"Net profit jumped 37.9% to $69.1 million, and was just 0.5% shy of our $69.4 million forecast. As expected, a final cash dividend of 1 cent was declared, bringing the total FY2011 dividends to 3 cents, and translates into a yield of 2.3%.
"In our view, a slowdown in the economies of OSIM's major markets would make the group's high-end products susceptible to a pullback in discretionary spending. Hence, we cut our FY2012 earnings forecasts by 5.1% and introduce our FY2013 projections. Our fair value estimate declines from $1.37 to $1.35. DOWNGRADE TO HOLD."
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