Osim

Osim: Macquarie maintains O/p with $2.06 TP. Note that the recent sell down has been driven by profit booking and misunderstanding on the use of cash from the bond issue proceeds. Stock is now trading at 12.4x 2012E P/E vs 17.9x for China consumer names. Expect earnings upgrades after the 2Q11 results, and see an opportunity forinvestors who are focused on OSIM’s core fundamentals to accumulate the shares at current levels. Believe there is deep value in the stock at current valuations (12.4