BioSensors

BioSensors: Maybank-KE maintains Hold with $ Not time for re-entry, Maintain Hold with $1.17 TP and caution investors that its not time to reenter yet. While share price is at 24% off its 52-wk peak of SGD1.42, flag further risks in licensing revenue from Terumo which could cap share price recovery. More aggressive marketing efforts for Nobori stent in Japan could result in higher distribution cost. House cut FY3/14F-16F net profits by 6-7% as it raise distribution cost assumptions which were too conservative. Think that share price appreciation in the near-term may still be capped despite the price decline due to the mentioned risks. Norges Bank and Atlantis Capital have recently trimmed their positions with the former ceasing to be a substantial shareholder.