Sarin Tech

Sarin Tech: Maybank-KE maintains BUY with higher TP of $1.89. House hosted Sarin for a NDR in Hong Kong. Discussions were centred on addressable market size, competition, phase of adoption and IP protection. House remind that that key investment case for Sarin is its ability to bring about a radical change in the practices of the diamond industry, which the house believe that it is still at an early growth stage. Recent volatility of Indian Rupee and credit tightness in India would depress 3Q13 results as Indian manufacturers may hold back on capital spending. However, this should not be a dampener on the long term potential. Share price pullback on weak 3Q13 would be a buying opportunity.