OSIM

OSIM: OCBC maintains Buy with $2.21 TP. OSIM is scheduled to report its 2Q13 results on 30 Jul after trading hours. Forecast a 9.5% and 11.0% YoY growth in its revenue and PATMI to $169m and $25m, respectively. This would be driven largely by a full quarter of contribution from its recently launched uAngel Sofa-Tranzformer massage chair. See OSIM as a beneficiary of China’s immense consumer market, underpinned by a rising middle-class population and affluence. The group has established a strong brand profile in China given its near 20 years of experience there. Its share price has also remained fairly resilient despite the recent global equities sell-down, supported by its solid financial performance and decent FY13F yield of 3.0%.