OSIM downgraded to "hold", target cut to $1.90 by OCBC

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OCBC

Price Call: HOLD

Target Price: 1.90

SINGAPORE (Oct 31): OCBC Investment Research has downgraded OSIM International to "hold" from "buy" and cut its price target to $1.90 from $3.21 after lowering its FY2014 and FY2015 earnings estimates by 15.4% and 19.9% respectively.

The changes came after the massage chair maker reported this week that its 3Q2014 earnings fell 28% y-o-y to $16.4 million as a result of a slowdown in its key markets and higher operating costs, including legal expenses, for its TGW Tea unit.