BioSensors: Nomura reaffirm Buy and raises TP to $1.50 from $1.40, tipping Japan to be the nxt leg of growth. Expect earnings to be lifted on back of imminent approval for Terumo’s Nobori stent and strong earnings momentum in 3Q. Raise forecast by 11%/27% for FY12/13F to factor in the strong 3Q earnings momentum and the higher contribution from Japan in view of the imminent approval for Nobori….
Growth is underpinned by: i) core franchise with a significant market share (~5%), ii) 50%-owned JWMS, the number two player in China, iii) accelerating royalties from Terumo (upon Nobori’s approval in Japan).
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