Biosensors   

Is Biosensors a good buy?

Yiming 2000,congras,Rowsley & Maxicash make $$$ liao..I just came back from my 13day trip to New Zealand...saw Rowsley soar again

yiming2000      ( Date: 07-Jun-2013 02:06) Posted: Everytime there is a share buyback, the book value goes up. The company is still raking in cash at a high profit margin.    Very cheap now at 1.16. It's a pity that I have reached my target limit of 40 lots otherwise, I would collect more shares.

 

Everytime there is a share buyback, the book value goes up. The company is still raking in cash at a high profit margin. 

 

Very cheap now at 1.16. It's a pity that I have reached my target limit of 40 lots otherwise, I would collect more shares.


 

 

just hv to be patience. U will be rewarded .

fortunecat      ( Date: 06-Jun-2013 16:47) Posted: considering the bloodbath for STI this week, this is holding surprising well. will it start its climb to $2 soon (dreaming... )?

 

considering the bloodbath for STI this week, this is holding surprising well. will it start its climb to $2 soon (dreaming... )?  

 

yeah so weird!! where he got so many shares to sell??

infancybird      ( Date: 31-May-2013 13:19) Posted: FYI, there is a i-seller ( i stand for irritating) noticed by me to be the chief blacksheep selling Biosensor share for the last 1 years. He will appear everytime when there is mkt correction and will keep selling  to suppress the price to about < $1.20. I think the company knew his presence  and will counter his move with share buy back.  His motive is unclear. raykee      ( Date: 31-May-2013 09:33) Posted: call buy but who is f is selling cheaply

 

don't worry too much. another 1,250,000  shares buy back by company it will soon move up.

Cookie      ( Date: 04-Jun-2013 20:12) Posted: another 2mio bought back.. & price stil manage to fall... what can u say

 

I like BIG but when I buy it drops, haizz!!!

http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/6940-cimb-underweights-reits-sias-ups-king-wans-target-to-42-cents 

  cash got plenty!!! 

 

Biosensors is piling up cash in excess of $500 million. Falling stock price reflects no support from market because of weak sentiment. Price keep dropping on low volume of 1 or 2 million shares. Not significant when company has 1.7 billion shares outstanding.

Just hang in there.

 

 

another 2mio bought back.. & price stil manage to fall... what can u say

 

Yup! Think so too! pick up some on Fri .

infancybird      ( Date: 31-May-2013 19:14) Posted: Three good news from mgt...1. daily share buy back again today at 1.949 of 735,000 shares  and 2.. Bio formed a licensing agreement with an India listed medical company to market its Eurocor DES under Biosensor trademark. This new stents is for heart as well as for lower limbs blocked arteries. These new DES will get CE mark in 6 weeks times. and 3. Today shorting activities  of Biosensor has almost ceased. Shortist has retreated for now , at least. I think the mgt is working much harder now(dividend, acquisition, share buy back) and hopefully they will enhance the stk value for their  shareholders in the near future. Certainly looking more optimistic. infancybird      ( Date: 30-May-2013 20:45) Posted: Well done Biosensor....today mgt buy back 2million shares from the mkt   at $1.195 to counter the shortist called i-  seller. Yesterday shortist shorted 1.17 million share before result announcement  and today shorted another 800,000 share , a total of about 2million shorted for last two days.   Hope mgt can tame the shortist and the i-seller who is always there to sell down this stk.  IMO, mgt is aware of their company problems and is working out more acquisition to ensure more future profit and this maiden dividend of 2 US cents  is very comforting to shareholders.Its much better than bank interest.

 

Eurocor GmbH, a group company of Opto Circuits (India) has entered into a licensing agreement for their Drug Eluting Balloon (DEB) technology and related intellectual property (IP) rights in relation to the treatment of both coronary and peripheral artery disease with Biosensors International Group, Ltd. . The technical indicator shows a buy with the 1.464 target price in six months.   http://sgx.stoxline.com/quote.php?s=b20

 

Three good news from mgt...1. daily share buy back again today at 1.949 of 735,000 shares  and 2.. Bio formed a licensing agreement with an India listed medical company to market its Eurocor DES under Biosensor trademark. This new stents is for heart as well as for lower limbs blocked arteries. These new DES will get CE mark in 6 weeks times. and 3. Today shorting activities  of Biosensor has almost ceased. Shortist has retreated for now , at least.

I think the mgt is working much harder now(dividend, acquisition, share buy back) and hopefully they will enhance the stk value for their  shareholders in the near future. Certainly looking more optimistic.

infancybird      ( Date: 30-May-2013 20:45) Posted: Well done Biosensor....today mgt buy back 2million shares from the mkt   at $1.195 to counter the shortist called i-  seller. Yesterday shortist shorted 1.17 million share before result announcement  and today shorted another 800,000 share , a total of about 2million shorted for last two days.   Hope mgt can tame the shortist and the i-seller who is always there to sell down this stk.  IMO, mgt is aware of their company problems and is working out more acquisition to ensure more future profit and this maiden dividend of 2 US cents  is very comforting to shareholders.Its much better than bank interest.

 

FYI, there is a i-seller ( i stand for irritating) noticed by me to be the chief blacksheep selling Biosensor share for the last 1 years. He will appear everytime when there is mkt correction and will keep selling  to suppress the price to about < $1.20. I think the company knew his presence  and will counter his move with share buy back.  His motive is unclear.

raykee      ( Date: 31-May-2013 09:33) Posted: call buy but who is f is selling cheaply? Peter_Pan      ( Date: 31-May-2013 03:12) Posted: Quite a number of buy calls from analysts.

 

with the support from Management buying back shares . Think short term price may hold and rise to my TP of $1.35 - $1.40.

yiming2000      ( Date: 31-May-2013 12:55) Posted: Looks like a lot of people here are vested and holding this stick. Let's hope price will rise from now on.

 

Looks like a lot of people here are vested and holding this stick.

Let's hope price will rise from now on.

 

call buy but who is f is selling cheaply?

Peter_Pan      ( Date: 31-May-2013 03:12) Posted: Quite a number of buy calls from analysts.

 

Target S$1.65  (Long Term: Out Perform)

 

Good good.. the dark knight rises..

 

Quite a number of buy calls from analysts.

 

EQUITY RESEARCH

COMPANY UPDATE

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229

Ingrid Yin, Ph.D.

212-667-7194

Ingrid.Yin@opco.com

Oppenheimer & Co. Inc. does and seeks to do business with companies covered

in its research reports. As a result, investors should be aware that the firm may

have a conflict of interest that could affect the objectivity of this report. Investors

should consider this report as only a single factor in making their investment

decision. See " Important Disclosures and Certifications" section at the end of

this report for important disclosures, including potential conflicts of interest. See

" Price Target Calculation" and " Key Risks to Price Target" sections at the end of

this report, where applicable.

Stock Price Performance Company Description

The Biosensors International group of

companies develops, manufactures and

markets innovative medical devices for

interventional cardiology and critical

care procedures, and is headquartered

in Singapore.

May 29, 2013 CHINA/HEALTHCARE

Stock Rating:

OUTPERFORM

12-18 mo. Price Target SGD1.80

BIG:SP - SES SGD1.20

3-5 Yr. EPS Gr. Rate 10%

52-Wk Range SGD1.42-SGD1.03

Shares Outstanding 1,747.0M

Float 1,060.0M

Market Capitalization SGD2,047.2M

Avg. Daily Trading Volume 2,507,340

Dividend/Div Yield NA/NM

Book Value $0.27

Fiscal Year Ends Mar

2014E ROE 7.4 %

LT Debt $277.3M

Preferred NA

Common Equity $1,248M

Convertible Available No

Biosensors International

FY4Q13 Revenue Miss Due to Royalty Decline FY14

Guidance Encouraging

SUMMARY

Biosensors reported a mixed quarter. Revenue of $88.8M (+0.7% yoy) missed OPCO/

consensus estimates of $91M/$99.5M. FY2013 revenue of $336.2M (+15.1% growth)

was basically in line with our estimate of $338.4M but missed consensus' $340M,

dragged by 28.6% yoy decrease on royalty income. We actually think Biosensors'

geographical diversification helped because China/Japan DES markets are both

tough in FYQ4. Although increased operating expenses weakened profitability, gross

margin improved significantly. Strong pipeline and clinical data could help BIG resume

growth in FY14/15. With the stock trading at 12x our FY15E diluted EPS, we believe

the valuation is compelling considering a 15% FY2014 revenue growth guidance.

KEY POINTS

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estimates of $91M/$99.5M, and net income of $29.6M (+8.9% yoy) missed OPCO/

consensus estimates of $29.8M/30.4M. The culprit was the 28.6% yoy decline on

royalty income. Management expects flat royalty in 2014.Mixed Results. Revenue of $88.8M (+0.7% yoy) missed OPCO/consensus

■

suffered from slower PCI volume growth, continuous pricing pressure from

tenders, and more fierce competition. In Japan, 4Q13 was hurt by intense

competition and negative forex impact, which we expect to persist in FY14.China and Japan. Biosensors strives to maintain market share in China, which

■

company. DES balloons and stents in peripheral applications and BioMatrix

NeoFlex launch could provide new growth points. Spectrum Dynamics and

potential M& As should diversify BIG's product portfolio. We believe the market

assigns little value to BioFreedom, which should drive growth starting FY14.Product Diversification Started. Biosensors is transitioning to a platform

■

for FY2014. Favorable geographic/product mix should stabilize margins going

forward. With the stock trading at 12x our FY15E diluted EPS, much lower than

peer's 18.5x, we believe the valuation is compelling.Guidance and Updated Model. Management guided 15% yoy revenue growth

■

subject security or securities may be sold pursuant to an exemption from

state securities registration in the state in which the institution is located.This research report is intended for use only by institutions to which the

Investment Thesis

Biosensors International, as an established international DES player that is aggressive in emerging markets, is propelling its leading position

by providing competitive products with innovations. Based on our view of a promising China drug-eluting stent (DES) market growing at

10.7% from 2012 to 2017, we believe Biosensors is in a position to steadily take more share from others and keep a 15.5% revenue CAGR

until 2015, higher than the China DES industry's growth. With estimated revenue/net income CAGRs of 15.5%/8%, we expect Biosensors

to grow into one of the largest interventional cardiology device providers and a diversified med-tech company in the world. Our price target

of SGD1.80 implies 18.4x our FY 15E EPS of SGD0.098 and 55% upside potential.

Price Target Calculation

We derive the fair value of SGD1.80 by using a DCF valuation, assuming a WACC of 9.5% and a terminal growth rate of 4.0% in 2017

on an estimated $136 million of free cash flow. Our price target implies 18.4x our FY15E EPS of SGD0.098/USD0.077 and 55% upside

potential. The P/E multiple is in line with peer's 18.5x.

Key Risks to Price Target

Risks to the shares achieving our price target include: 1) delay of SFDA approval of BioMatrix Flex 2) competition 3) pricing erosion

in major markets including Europe, Japan and China 4) negative results of clinical trials 5) lower than expected royalty payments from

Terumo 6) cost Inflation and 7) unfavorable regulatory changes.

Note: We see Biosensors, as a stock trading under $5, as speculative and appropriate for risk tolerant investors.

Important Disclosures and Certifications

Analyst Certification -

subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part

of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained

in this research report.The author certifies that this research report accurately states his/her personal views about the

Potential Conflicts of Interest:

Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm

including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation

based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any research

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analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer,

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arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by

Oppenheimer & Co. Inc:

Stock Prices as of May 29, 2013

Shandong Weigao Group (1066.HK - HKSE, HK$8.74, PERFORM)

MicroPort Scientific Corp. (853.HK - HKSE, HK$6.15, PERFORM)

Boston Scientific Corp. (BSX - NYSE, $9.22, PERFORM)

Medtronic, Inc. (MDT - NYSE, $51.98, OUTPERFORM)

Mindray Medical Int'l Ltd. (MR - NYSE, $41.39, OUTPERFORM)

St. Jude Medical, Inc. (STJ - NYSE, $44.48, PERFORM)