XMH

XMH: OSK downgrades to Neutral, TP $0.44. Note that FY13 results were in line with forecasts, beating estimates by just 2%. organic growth may come from India and Vietnam while the bulk of earnings growth should emanate from an acquisition expected to materialise within two months. However, after a sizzling 160% share price run-up since initiation on 28 Nov 2012, growth has largely been priced in.