OSIM

OSIM: In terms of store-count and heavy expansion, most of the heavy lifting has been done in prior years. Maybank KE estimates by year end, OSIM will be siting on a net cash piled of $300m and generating free cash flow in excess of $100m and counting. Maybank KE expects management to add another valuable brand to its outstanding portfolio. With TWG’s maiden consolidation, OSIM is expected to report revenue growth of 16% y/y in 1Q14 despite muted consumer sentiment in Singapore and Malaysia. Maybank KE also expects net profit to grow 15% y/y to $28.9m. Maybank KE maintains Buy with increased TP of $3.45 from $2.78