Bionsensors

Bionsensors: OCBC cautions that despite Biosensors International Group (BIG) announcing a series of positive news over the past two months, which includes expanding its endovascular product portfolio through a distribution agreement with Veryan Medical for the latter’s BioMimics 3DTM, as well as progress made with the completion of patient enrolment for its LEADERS Free Japan Trial and CREDIT II Stent Trial. However, the house do not see immediate catalysts, and in view of the group’s largely weak earnings performance, think the group’s recent share price run-up seems a tad too quick. The counter is now trading at around 20x 12-month forward P/E, more than one s.d above its two year historical P/E average. Thus the house is keeping its SELL rating with fair value estimate of $0.60 for now.