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The power of Wolf Massage for eye opener. You know BBW (Big Bad Wolf)?
Masseur(s) have good massaging techniques. Looks good to go South.
Masseur at crossroad 2.17. Direction Down please.
Hard to fathom OSIM chair business can make money.They have so many competitors especially in China.
pnuklis ( Date: 04-Nov-2013 10:00) Posted:
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OSIM is gem and very soon it will massage it's way to TP 2.50. |
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Enjoy the Massage.... Looking to collect below $2.00.
pnuklis ( Date: 04-Nov-2013 10:00) Posted:
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OSIM is gem and very soon it will massage it's way to TP 2.50. |
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CREDIT SUISSE Securities says ...
OSIM INTERNATIONAL | OUTPERFORM | TP: S$2.50
OSIM reported 3Q13 net profit of S$22.7 mn (-13% QoQ, 16% YoY) in line with our expectations (3Q is seasonally the weakest), 9M13 profit came in 74% of our FY13 estimates
OSIM continues to show strong top-line performance, with 3Q13 marking the 19th consecutive quarter of YoY profit growth
uInfinity, OSIM's super premium massage chair launched in 3Q13 is showing good momentum across all markets, according to management
Our channel checks also indicate strong demand for uInfinity across markets with overall chair volumes improving
uAngel, OSIM's entry level massage chair continues to see very strong demand across markets
OSIM has also refreshed its smaller massage products for the holiday season
We expect strong volumes and revenue pickup in the coming quarters
We increase our EPS estimates by 1-7% on higher sales volumes and TWG consolidation
We expect consensus EPS upgrades to follow. At 13x 2014E P/E, valuations remain attractive
We increase our TP to S$2.50 (from S$2.20). Maintain OUTPERFORM
OSIM is gem and very soon it will massage it's way to TP 2.50.
After raising its stake in TWG Tea to 53.7% for an additional $9m (US$7.2m) on 16 Oct 2013, StanChart believe TWG?s potential is significant. OSIM?s 53.7% stake in TWG and 60% stake in the North Asia JV may be worth a combined $204m, or 13% of its market cap. House believe the market is overlooking the growth prospects of TWG, which, in the past six years, has become one of Asia?s leading luxury-tea brands. TWG may more than double its store network and generate 18% sales CAGR over 2013-22E. Stanchart like OSIM for its strong brand, strong profitability and attractive valuations (15.1x 2014E PER and 3.0% yield). House reiterate OSIM as its ASEAN Emerging Companies top pick, and have an OUTPERFORM rating on the stock with TP $2.83.
StanChart remains optimistic on these key points: 1) Leading massage chair brand with estimated 50% market share in HK, SG, TW, allowing OSIM to advertise products effectively 2) Leading profitability and strong cash flow, where, StanChart expects ROCE of 37% or OSIM in 2014, among the highest in StanChart?s coverage universe. FCF is strong and the stock trades at 7% FCF yield 3) Growth via new brands: StanChart feels that Osim?s other brands such as TWG?s potential is underestimated by the market. TWG is estimated to contribute substantially to OSIM?s results in 3-5 years. Osim?s increased stake In TWG from 45% to 54% announced yesterday seems to corroborate this key point. OSIM is currently trading 14.1x 2014E P/E with 3.2% yield, which is low for a leading brand with strong growth prospects and robust profitability. It also has net cash of $104m at end 2Q13. StanChart maintains outperform with TP: $2.65
Singapore Stock Tip: OSIM $2 break seems likely
Dear Friends,
Osim seems good for a break off $2. ...last: $2.00...
Target 1: $2.10
Target 2: $2.17-$2.2
Stop: $1.95 if it breaks $2
Rgds
Daniel
OSIM International - Strong Foundations For Future Growth
2Q13 results broadly within expectations. Net profit
for the quarter came in at SGD26.1m (up 16% yoy), against our preview
expectation of SGD26.5m. However, this was achieved with a heavier
weighting on margin enhancement rather than the double-digit sales
growth we had expected. However, we believe this should be attributed
more to weaker external demand, especially in North Asia. With the
launch of key new products this year, we are confident the company is
laying down strong foundations for future growth.
Bottomline growth driven by sales and margin growth.
2Q13 revenue grew 7% yoy, driven mostly outside North Asia which was up
marginally. We believe uAngel, which was launched in the first quarter
was a major contributor, and according to our understanding, volume
sales are now comparable to the uDivine. EBIT margin grew from 19% to
21%, with the benefit of operating leverage as well as higher interest
income and contribution from JV& associates.
Still potential for operating leverage. One key
feature of OSIM’s bottomline growth over the past few years have been
that of operating leverage and margin enhancement. We still see
significant room for improvements from here. With a more rational store
expansion plan, OSIM can easily achieve higher sales per store, with its
brand equity and strong product line-up. The new uInfinity will be
fully launched in the third quarter and with a higher ASP of around
25-35%, we are optimistic sales growth will accelerate in 2H13.
TWG contribution turning more meaningful. This
quarter, the JV& associate profit line tripled to SGD1.5m. With the
recent announcement that OSIM’s stake has been increased to 45% (North
Asia implied 78%), this will likely become a more meaningful
contributor.
Maintain BUY. Our bottomline estimates are mostly
unchanged. With share price now firmly above convertible bond conversion
price of SGD1.90, we factor in dilution for EPS. This results in a
lower TP of SGD2.34, still pegged to 18x FY13F. The company also announced an interim dividend of SGD2 cents/ share for the quarter. Maintain BUY.
Source: Maybank Kim Eng Research - 31 Jul 2013
OSIM International: To uInfinity and beyond!Despite challenging economic conditions in China, OSIM International Ltd (OSIM) managed to record a 15.9% YoY jump in its 2Q13 PATMI to S$26.1m on the back of a 7.0% increase in revenue to S$165.5m. The former was 4.4% ahead of our forecast while the latter was 2.4% below. An interim DPS of 2 S cents was declared, in line with expectations and brings YTD dividends to 3 S cents/share. As a continuation to its innovative product drive, OSIM launched its new high-end massage chair named uInfinity in Hong Kong. This will also be sold in its other key markets in the coming weeks. We raise our FY13 and FY14 PATMI estimates by 2.5% and 2.4%, respectively, largely to account for higher share of profits of associated companies (mainly from TWG-Tea). Rolling forward our valuation to 16.5x blended FY13/14F EPS, our fair value estimate is raised from S$2.21 to S$2.40. Maintain BUY.
2Q13 PATMI slightly ahead of our expectations
OSIM reported a 15.9% YoY jump in its 2Q13 PATMI to S$26.1m on the back of a 7.0% increase in revenue to S$165.5m. In our view, this was a commendable set of results considering the challenging economic conditions in China, OSIM’s largest market. Although revenue was 2.4% lower than our forecast, PATMI came in 4.4% ahead due largely to higher-than-expected financial income and share of profits of associated companies. For 1H13, revenue rose 3.7% YoY to S$316.1m, while PATMI of S$51.3m represented a growth of 14.5%.
Healthy dividend trend continues
OSIM declared a 2 S cents/share interim dividend for 2Q13, similar to our forecast and 2Q12 (which included a special DPS of 1 S cent).This brings YTD dividends to 3 S cents/share and we are forecasting FY13F DPS of 6 S cents, which translates into a yield of 2.9%. We expect this to be financed by its strong free cashflows, which we estimate to be 12 S cents/share for FY13.
New high-end massage chair launched
Following the introduction of its uAngel Sofa-Tranzformer in 1H13 which saw robust demand from a new target segment group, OSIM recently launched its new high-end massage chair named uInfinity in Hong Kong. This comes with 19 massage programmes, carries a retail price of S$6,988 and will continue to be endorsed by international artiste Andy Lau. uInfinity will be launched next in OSIM’s other key markets in 3Q13. Management’s strategy for its massage chair segment would be to have products with different price points, ranging from S$2-3k (lower-end) to S$4-5k (mid-end) and S$7-8k (high-end).
Maintain BUY
We raise our FY13 and FY14 PATMI estimates by 2.5% and 2.4%, respectively, largely to account for higher share of profits of associated companies (mainly from TWG-Tea). As we roll forward our valuation to 16.5x blended FY13/14F EPS, our fair value estimate is raised from S$2.21 to S$2.40. Maintain BUY. ...last done: $2.07...
By Andy Wong
Wed, 31 Jul 2013, 08:53:37 SGT
Osim has a great business, super good margin it makes on the chairs, definitely a buy on dip
OSIM International (Maybank)
First Look At The New Chair
uInfinity soft-launched in Hong Kong.
eagerly awaited new chair, which has just been soft-launched in Hong
Kong. This chair will replace the existing uDivine, which has been the
flagship for the past three years. Initial selling price was HKD46,800,
almost 35% above the existing uDivine App. Singapore’s selling price
would likely be in the SGD6,000+ range. This will likely be softlaunched
in Singapore and China over the next few weeks.
We had a firsthand look at the
Getting closer to the human hand.
immediately was the much better massage mechanism, even compared
to uDivine which was considered a revolutionary technology. The leg
portion has also been given a significant upgrade, feeling similar to the
popular leg massager uPhoria. The chair feels much more snuck, owing
to the slightly smaller profile, though the sales assistant was quick to
assure that even plus-sized customers can still fit comfortably!
Upon testing, what struck us
No significant change in design.
underwhelmed by the similarity in design to its predecessor. Our view is
that this could result in less power drawing in customers at the shops,
and OSIM would have to run an effective marketing campaign to
counteract this. We understand there are plans in place, which will
come in during the official launch.
We were however, slightly
Previewing 2Q13 results.
the 30
growth of 15% and 18% (SGD26.5m) respectively. Growth will likely be
driven by sale of the uAngel, which will have a full quarterly effect and
some spillover orders from 1Q13. Gross margins may see a marginal
downtick due to the lower prices of uAngel, though we would expect
this to be balanced against higher prices of the uInfinity.
OSIM will announce after market close onth July. For the quarter, we are expecting revenue and profit
Maintain BUY.
revenue estimates. Earnings upside could come from better than
expected sales of the new flagship massage chair, which we estimate
accounted for as much as 50% of sales historically. Our TP of SGD2.53
remains pegged to 18x FY13F (translates to 20X upon exercise of
convertible bonds), implying 1x PEG. Maintain BUY.
We trim our earnings forecast by 2-3% on lower
OSIM International – Summary Earnings Table
FY DEC (SGDm) 2011 2012 2013F 2014F 2015F
Revenue
553.7 601.7 682.6 759.4 846.2
EBITDA
111.8 126.6 149.1 167.9 189.3
Recurring Net Profit
69.1 86.9 102.4 116.6 132.7
Recurring EPS (SG cents)
9.2 12.0 14.1 16.1 18.3
DPS (SG cents)
3.0 6.0 6.8 7.2 8.2
PER (x)
22.3 17.1 14.5 12.8 11.2
EV/EBITDA (x)
12.8 11.2 9.5 8.2 7.1
Div Yield (%)
1.5 2.9 3.3 3.5 4.0
P/BV (x)
9.3 7.6 6.0 4.7 3.9
ROE (%)
41.7 44.3 41.1 37.2 34.3
ROA (%)
16.2 18.5 20.0 20.2 20.5
Consensus Net Profit na na 100.6 113.8 129.7
Source: Company, Maybank KE estimates
i think the price is too high . Dont think everyday ppl buy massage chairs . Ppl everyday take mrt . May b is better to load some smrt shares :)
Think is good to load ? Yesterday report good results but price drop! any views? Thanks
Osim chart is a classic of a turn around story.
Good base n strong vol at each breakout.
This is probably the last phase of its bull run.
Watch out for Osim on Monday .
Quarterly earning result will be very good with double digit sales growrh.
Their new product uAngle selling like hot cakes.
Ydae got BBs shorts sell
1,135 lots OSIM @ SGD 2,206,805.
('',)
My god!!!
Btw, who bot ley?
Highest 2.04 on 12 Oct 2006. Please climb with caution.
