Osim

[winston]

not vested

1Q15 earnings for OSIM International were below expectations, dragged by weak consumer sentiment across all markets.

Dividend of 1 Sct was declared.

We cut FY15F/FY16F earnings by 10%/14%.

We cut our store count assumption on less aggressive expansion, and have also imputed higher staff costs and other operating expenses.

Maintain HOLD with lower TP of S$1.82 (Prev S$ 1.94).


Source: DBS

[winston]

not vested

OSIM International: Room for disappointment

OSIM International Ltd (OSIM) saw another weak set of 2Q15 results, albeit it was within our expectations.

Revenue fell 13% YoY to S$159.5m, forming 23% of our FY15 forecast. This was due to poorer sales in smaller products, while somewhat cushioned by the launch of uMagic in Singapore, Hong Kong and Taiwan this quarter.

PATMI was down 24% to $22.5m, making up 24.2% of our full-year estimate.

All considered, we have reduced our FY15/16F estimates to a more reasonable level and derived a new FV estimate of S$1.52 (previous: S$1.87).

While the group continues to create innovative products, enhance marketing for uMagic, and expand their TWG Tea presence, we opt to keep our HOLD rating on the stock, given the persistently soft retail scene in the group’s core markets and potentially weaker-than-expected sales performance.

Source: OCBC

[behappyalways]

New massage chairs fail to cure OSIM’s acutely strained profits
http://sbr.com.sg/leisure-entertainment ... ed-profits

[behappyalways]

OSIM down 1.2% after pesticide residues warning by Taiwan's FDA
http://sgx.i3investor.com/servlets/fdnews/54358.jsp

[behappyalways]

OSIM's 3Q earnings dive 62.4%, declares dividend of one cent
http://sgx.i3investor.com/servlets/fdnews/55009.jsp

[winston]

not vested

I was expecting that their U-Magic would boost sales as the rollers are very soft and I actually bought one recently.

And every time I passed by TWG, business looks good.

Still monitoring ..

[behappyalways]

OSIM in dire need of blockbuster products as earnings plummet
http://sbr.com.sg/utilities/news/osim-i ... gs-plummet

[behappyalways]

Privatisation, spin-off listing might save beleaguered OSIM
http://sbr.com.sg/retail/news/privatisa ... uered-osim

[behappyalways]

Ron Sim Makes Unconditional Cash Offer to privatise
OSIM International Ltd
Offer Price of S$1.32 represents a 31.8% premium over 1-month VWAP and a 33.5%
premium over 3-month VWAP
http://infopub.sgx.com/FileOpen/Volunta ... eID=392898

[behappyalways]

OSIM's Ron Sim raises privatisation offer to $1.39 a share
http://sgx.i3investor.com/servlets/fdnews/59549.jsp