|Chennai||Rs. 28730.00 (1.13%)|
|Mumbai||Rs. 29740.00 (-0.13%)|
|Delhi||Rs. 29200.00 (0%)|
|Kolkata||Rs. 29350.00 (0%)|
|Kerala||Rs. 28000.00 (0%)|
|Bangalore||Rs. 28400.00 (0%)|
|Hyderabad||Rs. 28470.00 (-0.11%)|
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)