Biosensors price target cut 14% to 55 cents by Deutsche Bank

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

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 0.55

SINGAPORE (Nov 18): Deutsche Bank has cut its price target for Biosensors International Group from 64 cents to 55 cents, based on 15 times projected FY2016 earnings, and kept its "sell" rating.

The change came after the heart-stent maker last week reported weaker September-quarter results, which it blamed on anaemic growth in China, lower licensing revenue in Japan, and higher selling, general and administrative expenses.

Lower product sales and licensing revenue pushed earnings down 56% to US$4.9 million from US$11.2 million a year earlier.