Osim

Osim: Strong set of 4Q12 results which was above estimates, which saw grp registering a 3rd consecutive full-year of record profit. Rev at $155m, +8.3% yoy and +8.6% qoq and net profit at $23m, +32% yoy and +15.4% qoq. Result brings FY12 rev to $602m, +9% yoy and net profit to $87m, +26% yoy. Grp continues to enjoy strong sales and with new products being introduced, and saw higher consumer demand for its products like uDivine App, uAngel, uPhoria, uPixie, uCozy, uRelax, uPebble, uHug, uBio and nutritional supplements like Taut Whitening, Zhi, Stem C and Liver Protector. In China, grp is in 43 cities with 278 OSIM outlets, and have opened 21 new outlets and closed 15 outlets under performing outlets during the year in China. For 2013, grp targeting to open 30 to 40 OSIM outlets. Grp’s GNC outlets are doing well, with 215 outlets & aims to open 10-15 news in Msia & Taiwan. Newly acquired GNC Taiwan is progressing well. For RichLife, grp will continue to focus on eight key cities for better focus, control and efficiency. There is a total of 253 GNC/RichLife outlets in ONI Global. Grp is recommending dividends of 2cents/share (1c final & 1c special), inclusive of interim dividends, brings Fy12 Div payout to 6c/share. Ratings as follow: CS maintains O/p with $1.90 TP Maybank-KE maintains Buy with $2.45 TP