OCBC Investment Research raised its target price on massage
chair maker OSIM International Ltd to S$2.14 from
S$1.87 and maintained 'buy', citing China's recovering economy,
innovative products and attractive valuation versus its peers.
OSIM shares were down 0.3 percent at S$1.78 on Friday. The
stock surged 50 percent last year, beating the 32 percent gain
in the FT ST Midcap Index.
"We believe that OSIM International would be a key
beneficiary of a recovery in the economic conditions in China,
which is its largest market," OCBC said.
OSIM plans to launch two new massage chair models and has
embarked on a nationwide advertising campaign in China, OCBC
said, adding that these initiatives, coupled with a focus on
improving productivity, will help drive sales and profitability
in 2013 fiscal year.
1012 (0212 GMT)