Biosensors downgraded to "reduce", target cut to 53 cents by CIMB

Stock Name: Biosensors
Company Name: BIOSENSORS INT'L GROUP, LTD.

Research House: CIMB

Price Call: SELL

Target Price: 0.53

SINGAPORE (Nov 24): CIMB has downgraded Biosensors International Group to "reduce" from "hold" and cut its price target to 53 cents from 66 cents after lowering its FY2016 to FY2017 earnings per share estimates by 7% to 9% respectively.

"We see no major re-rating catalysts in the face of continued sluggish earnings," CIMB analyst Gary Ng said in a note.

"Our channel check reveals that there are potentially more blind spots, especially when restructuring efforts and sales strategy are unclear at the moment."