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.

OSIM cut to 'hold', target cut to $2.08 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.08

SINGAPORE (May 6): Maybank Kim Eng has downgraded OSIM International to "hold" from "buy" and cut its price target to $2.08 from $2.55, citing the company's weak 1Q2015 results.

The new target is based on 18 times, instead of 19 times, projected 2015 earnings.

While the massage-chair maker's poor performance in 1Q2015 was not unexpected, the weakness is likely to persist for the rest of the year as start-up costs for its tea label TWG continue to weigh, according to Maybank Kim Eng analyst Gregory Yap.

OSIM kept at 'buy' with $2.25 target price by Phillip

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Phillip Securities

Price Call: BUY

Target Price: 2.25

SINGAPORE (Feb 4): Phillip Capital is maintaining its "buy" call on OSIM International with a target price of $2.25.

In a report out today, analyst Caroline Tay says she expects the rollout of more innovative products as well as the expansion of TWG stores to sustain revenue growth in FY15.

OSIM announced a full year revenue of $691.1 million. This is in line with Phillip's FY14 estimates. Gross margin stood at 70%.

OSIM kept at 'buy' with $2.45 target by OSK DMG

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OIR BITES

Price Call: BUY

Target Price: 2.45

SINGAPORE (FEB 4): OSIM's 4Q2014 ended December earnings of $27.4 million were above expectations, write OSK DMG analysts Juliana Cai and James Koh.

The duo has upgraded their target price to $2.45 from $2.30 previously, reflecting a 29% upside.

OSIM achieved record sales in FY2014, with revenue rising 7% year-on-year to a $691.1 million. Growth mainly came from the consolidation TWG.

OSIM surpassed analyst expectations of a 5% decline in revenue (excluding TWG) owing to the poor retail environment.

OSIM cut to "hold", target cut to $1.94 by DBS Vickers

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.94

SINGAPORE (Feb 4): DBS Vickers has downgraded OSIM International to "hold" from "buy" and cut its price target from $2.59 to $1.94, which is based on 14 times projected 2015 earnings versus 18 times previously.

"We believe the outlook for massage products in FY15 will remain soft on the back of weak regional consumption," DBS Vickers analysts Alfie Yeo and Andy Sim wrote in a note today.

"Following two quarters (3Q and 4Q) of weakness in massage products, we are not bullish on regional discretionary consumption in Singapore, Malaysia, Hong Kong and China."

OSIM price target cut 6.3% to $2.55 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 2.55

SINGAPORE (Jan 13): Maybank Kim Eng has cut its price target for OSIM International from $2.72 to $2.55, pegged at 19 times forward earnings, after lowering its FY2014 and FY2015 earnings estimates by 6% to factor in higher operating expenditure as the company opens two more central kitchens in Beijing and Shenzhen.

"1H2015 should still be laden with expansion costs as TWG plans to enter Beijing, Guangdong and Hong Kong," Maybank Kim Eng analyst Gregory Yap said in a note, referring to the massage chair maker's tea label.

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.

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.

OSIM maintained at "buy" by DBS with lower $2.59 target price

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: DBS Vickers

Price Call: BUY

Target Price: 2.59

SINGAPORE (Oct 29): DBS is keeping its "buy" rating for OSIM International with a lower target price of $2.59.

In an Oct 29 report, DBS Group Research has cut FY14-FY16 forecast earnings by 19-23% amid short-term drag. However, the research house says current valuations have priced in negatives.

OSIM's latest results came in below its expectations, says DBS. In 3Q14 ended Sept, OSIM reported a 28% fall in net profit to $16.4 million from a year ago. This was affected by weakness in Asia, higher TWG staff headcount and one-off legal costs.

OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 2.72

SINGAPORE (Oct 29): Maybank Kim Eng has cut its price target on OSIM International from $3.50 to $2.72, based on 19 times projected FY2015 earnings, after lowering its FY2014-2015 earnings per share estimates by 18%.

"Essentially, we now expect no growth this year before a rebound next year," Maybank Kim Eng analyst Gregory Yap said in a note today.

While OSIM's 3Q2014 results were below expectations, due partly to start-up costs for TWG Tea, Yap said the tea label should generate economies of scale in 2H2015 as it expands.

OSIM downgraded to "hold", target cut to $2.37 by CIMB

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: CIMB

Price Call: HOLD

Target Price: 2.37

OSIM downgraded to "hold", target cut to $2.37 by CIMB

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OSIM price target cut to $2.75 from $3.85 by OSK-DMG

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: OSK-DMG

Price Call: HOLD

Target Price: 2.75

OSIM price target cut to $2.75 from $3.85 by OSK-DMG

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OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: Kim Eng

Price Call: HOLD

Target Price: 2.72

OSIM price target cut to $2.72 from $3.50 by Maybank Kim Eng

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OSIM price target trimmed to $4.05 by CIMB

Stock Name: OSIM Intl
Company Name: OSIM INTERNATIONAL LTD

Research House: CIMB

Price Call: BUY

Target Price: 4.05

SINGAPORE (Oct 27): CIMB has cut its price target on OSIM International to $4.05 from $4.29 after lowering its FY2014-FY2016 earnings per share estimates by 10% to 14% to factor in a slowdown in the company's core markets, especially Hong Kong.

CIMB analysts Kenneth Ng and Justin Chiam, who have an "add" rating on OSIM, expect the massage chair maker to report 3Q2014 earnings of $25.2 million to $25.4 million, up 10% to 11% y-o-y, compared with a 13% y-o-y increase in 2Q2014.

The results are due tomorrow.