Biosensors

Biosensors: OCBC tips as its top healthcare pick for 2013. Believes growth will be underpinned by deeper market penetration, supported by robust clinical evidence which highlights the safety and efficacy of its drug eluting stent (DES) pdts. Notes Biosensors has continued to deliver healthy sales growth in the EMEA and APAC regions, esp in Europe and China, which is in contrast to some of its peers. Meanwhile Biosensors is undergoing some restructuring of its operations in Latin Amercia such as diversifying its distributor base in a bid to increase its penetration and concentration in the region. Notes Bionsensors is currently trading at 12.1x blended FY13/14e core P/E, which is approx one std dev below its 3 yr avg. The house maintains Buy with TP $1.69.