Osim

Osim: SCB reiterates its O/P rating with $2.51 TP. House note that FY12 results are in line with expectations, with net profit at 102% of original estimate. FY12 sales and EPS grew 9% and 19%, respectively. House trim 2013E EPS by 5% using the most conservative, fully-diluted shares outstanding numbers (including treasury shares). OSIM has been in house ASEAN Emerging Companies toppicks list since 18 October 2012. Like OSIM for its robust cash flow generation. OSIM is currently trading at 14x FY14E P/E and TP offers 36% potential upside.