Company Name: BIOSENSORS INT'L GROUP, LTD.
| Research House: OCBC | Price Call: BUY | Target Price: 1.88 |
Shares of medical device maker Biosensors International Group rose as much as 2.7% after it posted better-than-expected fourth-quarter earnings.
Biosensors said net profit for the quarter rose 49.5% to US$27.2 million ($34.8 million), helped by a surge in sales and revenue from licensing and royalties.
“(The) results exceed management’s guidance. After investors’ initial overreaction to price-reduction fears in China, bargain valuations have emerged,” said CIMB Research, which has an outperform rating on the stock.
However, it cut its target price on Biosensors stock to $1.82 from $1.98, citing lower margin assumptions due to weaker average selling prices.
Biosensors shares were up 0.4% at $1.29, outperforming the FT ST Mid Cap index’s 0.4% fall. The stock has fallen nearly 10% since the start of the year, against the index’s 10% gain.
OCBC also lowered its target price for Biosensors to $1.88 from $1.92, but kept its buy rating.
No comments:
Post a Comment