OSIM

OSIM: Counter has corrected 7% over the past 5 trading sessions and 15% since its all-time high of $2.90 on 30th Apr-14. UBS believes that the recent stock price correction seems overdone and concerns surrounding TWG y/y revenue decline in particular are misplaced. The company bought back 650,000 shares on 8th Oct which is the first time in almost a year. UBS thinks valuations after the recent sell down at 14.2x 2015E PE are attractive. House upgraded to Buy rating from Neutral, with TP of $2.90.