OSIM price target slashed 48% to $1.87 by Standard Chartered

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: StanChart

Price Call: HOLD

Target Price: 1.87

Standard Chartered Bank has downgraded OSIM International to "in-line" from "outperform" and cut its price target to $1.87 from $3.57, saying the company's 3Q2014 results were disappointing.

The massage chair maker's 3Q2014 earnings per share made up only 14% of StanChart's forecast.

Earnings for the September quarter fell 28% y-o-y to $16.4 million.

The bank has also cut its earnings estimates for this year and 2015 by 21% and 29% respectively, citing a cyclical slowdown in OSIM's business.