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Biosensors Int'l Group: BUY (Upgrade from Hold) S$1.415 Bloomberg: BIG SP
Positioning to grow
Price Target : 12-Month S$ 1.68
By: Alfie YEO +65 6398 7957 / Andy SIM CFA +65 6398 7969
· Positive on Dr Jack Wang’s CEO appointment
· Co-CEO, Mr Jeff Jump, now president of Cardiovascular Business Unit
· New property will better equip BIG to grow
· Upgrade to Buy, TP unchanged at S$1.68
Positive on abolishing Co-CEO structure. BIG announced that Dr Jack Wang
has been appointed CEO of BIG while Mr Jeffrey Jump is appointed to be the
President of newly created Cardiovascular Business Unit. These corporate
changes put Dr Wang solely in charge of driving global development
technologically, clinically, commercially and corporately. From an
organizational structure viewpoint, we see this as a positive step as the
Group prepares for its next phase of growth, possibly into other new
business areas. We see minimal operational impact on this change as Mr Jump
will continue to oversee the DES business globally.
Better equipped to grow with new HQ, R& D. Separately, BIG has entered into
a land lease agreement with JTC at Tukang Innovation Park in Singapore, for
a 30+30 years’ lease on 12k sqm of land. This site will house
manufacturing, R& D to develop new high-technology, value-added medical
devices and operational headquarters functions and, construction is
expected to take about three years. We view this development positively as
BIG will eventually have a better platform to expand in both manufacturing
capacity and product line up. Current premises located in Ubi and Kallang
have a combined floor area of 7-8k sqm.
18% upside, upgrade to Buy, S$1.68 TP unchanged. Share price has fallen by
c.15% since our downgrade on 9 Feb and post its 3Q results. Current price
level represents an attractive FY13F PE of 12.5x, with a robust core EPS
CAGR (FY11-13F) of c.40%. TP maintained at sum-of-parts based TP of S$1.68,
implying c.14x FY13F earnings. Upgrade to Buy with 18% upside.
Biosensors Int'l Group: BUY (Upgrade from Hold) S$1.415 Bloomberg: BIG SP
Positioning to grow
Price Target : 12-Month S$ 1.68
By: Alfie YEO +65 6398 7957 / Andy SIM CFA +65 6398 7969
· Positive on Dr Jack Wang’s CEO appointment
· Co-CEO, Mr Jeff Jump, now president of Cardiovascular Business Unit
· New property will better equip BIG to grow
· Upgrade to Buy, TP unchanged at S$1.68
Positive on abolishing Co-CEO structure. BIG announced that Dr Jack Wang
has been appointed CEO of BIG while Mr Jeffrey Jump is appointed to be the
President of newly created Cardiovascular Business Unit. These corporate
changes put Dr Wang solely in charge of driving global development
technologically, clinically, commercially and corporately. From an
organizational structure viewpoint, we see this as a positive step as the
Group prepares for its next phase of growth, possibly into other new
business areas. We see minimal operational impact on this change as Mr Jump
will continue to oversee the DES business globally.
Better equipped to grow with new HQ, R& D. Separately, BIG has entered into
a land lease agreement with JTC at Tukang Innovation Park in Singapore, for
a 30+30 years’ lease on 12k sqm of land. This site will house
manufacturing, R& D to develop new high-technology, value-added medical
devices and operational headquarters functions and, construction is
expected to take about three years. We view this development positively as
BIG will eventually have a better platform to expand in both manufacturing
capacity and product line up. Current premises located in Ubi and Kallang
have a combined floor area of 7-8k sqm.
18% upside, upgrade to Buy, S$1.68 TP unchanged. Share price has fallen by
c.15% since our downgrade on 9 Feb and post its 3Q results. Current price
level represents an attractive FY13F PE of 12.5x, with a robust core EPS
CAGR (FY11-13F) of c.40%. TP maintained at sum-of-parts based TP of S$1.68,
implying c.14x FY13F earnings. Upgrade to Buy with 18% upside.
Biosensors International Group: Organisational changes and new manufacturing centre Biosensors International Group (BIG) announced two corporate developments. The first was a re-organisation of its management team, with Dr. Jack Wang being appointed as Group CEO, from Co-CEO previously. Meanwhile, Mr. Jeffrey B. Jump would relinquish his role as Co-CEO, but will now assume the President position for BIG’s newly created Cardiovascular Business Unit. This new unit is aimed at expediting BIG’s growth potential of its rapidly-developing range of cardiovascular products, including its flagship BioMatrix™ family of drug-eluting stents (DES). The second event was the signing of a 30-year land lease (12,000 sqm) with JTC Corporation for a consideration of S$6.2m for the development of a new manufacturing, R& D innovation centre in Tukang Innovation Park. This new facility would also be used for the development of new high-technology, valueadded medical devices, which includes noncardiac interventional devices. This will allow BIG to diversify its product portfolio in addition to its DES products. Construction is estimated to cost ~S$76m and is expected to be completed within three years. This would be funded by internal resources and bank borrowings. BIG believes that as compared to carrying out current operations at rented premises, this new site would provide stability to its future operations and is expected to be more economically feasible over the long term. Overall we are positive on these developments as we believe they will allow BIG to better align its strategic focus to achieve its growth targets. Maintain BUY and fair value estimate of S$1.95. (Wong Teck Ching Andy)
OCBC Research
3 years is a bit short. I know it sounds long for shorties.
Enjoy holding... For another 3 yrs..
tbt001 ( Date: 12-Mar-2012 10:14) Posted:
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Aiyoo, Big & Bad mouth Chanting, I can see each time u short only 1000 shares , how can u bring down the BIG to 1.20 like that.!! Also how u can make million like that?? How can you had cash out, make sure you continue shorting as promised.
chanting ( Date: 12-Mar-2012 10:20) Posted:
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Bye bye, Already partial cash out and way to the bank with very good profit.... Thz for the drop and money... Congrates to those who short with me.
infancybird ( Date: 12-Mar-2012 09:48) Posted:
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Suddenly one evening, they make this SFDA announcement and then next morning gap up BIG. Shorties risk losing 20 cents, 30 cents to make 2 cents. Crazy people.
Hi Chanting. Is it still safte to short now at $1.4. Say if someone let you haev the capactiy to short up to $1million, how much would you use on Biosensors to short?
Margin call ? HaHaHa!!! How many lots you want to borrow? I can lend you for 3 years.
great shorting but usually ended up being SHOT
chanting ( Date: 12-Mar-2012 09:17) Posted:
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Glory glory 1.4 glory glory 1.4... I'm on my way to bank.. Hahaha Villiagers. Down down all the way...
zzzz I DON'T LIKE TO REPEAT and REPEAT and REPEAT AGAINthose miss out like tbt001 do refer to the old msg ,who cares hony ........those still holding on, prepared for a margin call....meet you at $1.30, those shorted last week, congrates, hold on to your short as this counter will go even lower....
Biomatrix not approved in China?? Better go check again who the ultimate owner of Hony Capital is.
Who cares... Most important is make money out of the downtrend...This counter will go down to $1.30
Chanting seems to use the FEAR & HATE tactics in engaging BIG.......words used include ...sure drop to $1.00( IN Red colour print ), hopeless, useless , bad company, muddlehead, to delist and be gone, to keep shorting and make millions shorting, bad 4th Q result(he knows??)and Biometrix not approved in China( he knows too??). How he has such pre-knowledge of events??, Why he hated BIG?? He may had some past complicated bad experience with BIG, I guess.
I remember not too long ago one forum writer claimed he shorted BIG so successfully that he used the profit to eat Roasted duck and Pig daily and chided many of us. His Short selling must be his nightmare as BIG rocketed upwards and never looks back. He had since never been heard again....wondering could he had changed his forum name to Chanting??
junction ( Date: 11-Mar-2012 13:25) Posted:
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As long as I make money when this counter goes to $1.30, who cares you keep or what, not my business. Shorted more on Monday as the resistance has broken .... This counter is a favorable counter to short with.
junction ( Date: 11-Mar-2012 13:25) Posted:
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As I remember it, not long ago quite a few very confident forerunners shorted this counter from under $1.00 but they have either disappeared or changed name. We shall see who is the muddlehead when the 4th quarter results are announced. Unless unfavourable news hit the market I intend to collect this counter to await 4th quater results.
chanting ( Date: 10-Mar-2012 18:58) Posted:
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Still it need time to built +repay banks after establish the business, 3 yrs down the road, by then I have earn millions shorting the hell out of this baby. I'll short more on Monday as I have said in the earlier post in forum support of $1.425/$1.42 broken more downward movement coming weeks ahead ... See you at $1.30....An advice for those muddlehead: Don't be too happy about the Q4 report because it won't be looking good.
infancybird ( Date: 10-Mar-2012 14:47) Posted:
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BIG just announced over the weekend that they are embarking on a massive 82 million constuction of a new production center in Spore to handle more research and new products production. The management must have formulated detailed future plans and vision for BIG and this is very positive for all longterm investors . BIG is moving to a new platform , not just stents production. With strong investors like Hony ,Legend, Weigao and the rest, BIG may one day become a Star of the future. With this vision, any stock price up /down fluctuation shall not be seen as a problem as the longterm chart direction is still all the way up. Do not get irritated by those who likes to chant loosely.
chanting ( Date: 10-Mar-2012 13:44) Posted:
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See you at $1.30
junction ( Date: 10-Mar-2012 12:33) Posted:
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