Biosensors

Biosensors: Maybank KE notes the co has also bought back shares for the first time in history since it was listed in May 2005. About 3m shares were bought at ~$1.11 / sh. The house notes Biosensors is one of the worst performing stock this year. Share price has fallen from a high of $1.675 in Feb '12 mainly on concerns on price cuts on stents. Believes that the sell-down has been overdone and the share buy-back demonstrates mgt's view that the stock is undervalued at such levels. Reiterates Buy call with TP of $1.38.