OSIM

OSIM: OSK reiterate Buy and raises TP to $2.22 from $2.06, roadshow to Malaysia was positive. Note that investors were excited over the newly-launched uAngel for its attractive price point. Among the key highlights, product replacement cycle is 3-5 years with 30% repeat customers. Majority of Chinese consumers prefer to shop in department stores hence 90% of OSIM stores in China are within them. House raise FY13-14F earnings marginally by 2% and raise valuation multiple from 16x to 17x to derive a new higher TP of $2.22.