OSIM cut to 'underperform', target cut to $1.65 by Credit Suisse

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Credit Suisse

Price Call: SELL

Target Price: 1.65

SINGAPORE (May 6): Credit Suisse has downgraded OSIM International to "underperform" from "neutral" and cut its price target to $1.65 from $2.05, citing a tough outlook in the near term for the massage-chair maker.

Demand for the company's chairs in 1Q2015 was weak across all its core markets, Credit Suisse analysts Anand Swaminathan and Lee Dawei pointed out in a note.

Earnings fell 53% y-o-y and 51% q-o-q to $13.5 million.

"(This was) the first quarter we are seeing real weakness in Asean," they said.