Biosensors

Biosensors: Maybank KE downgrades from buy to Hold, cuts TP from $1.38 to $1.28, deviating from consensus which is generally positive. While the house likes Biosensors’ long term growth potential, believes that near term uncertainties, such as intensifying competition in Japan and resulting weak licensing revenue, may limit share price appreciation. Notes the commercialization of BioFreedom - a more advanced drug eluting stent that boasts a bio-degradeable polymer - is only expected in 2014, and is too far ahead to provide positive share price trigger. The shares are down 0.8% at $1.215.