OCBC Investment Research upgraded massage chair and health products company OSIM International to buy from hold and raised its price target to $1.61 from $1.35.
OCBC expects further earnings traction for OSIM, underpinned by new innovative product launches with different price points and improvement in productivity per store and staff.
Given the better-than-expected performance for OSIM’s first quarter, OCBC raised its earnings per share forecasts for 2012 fiscal year by 7.5% and for 2013 by 4.9%. OCBC said OSIM is steadily raising its profile as a luxury specialty retailer.
OSIM shares were down 2% at $1.23 and have gained 6.5% so far this year, underperforming a 14% rise in the FT ST Mid Cap index.
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