Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC raises Osim target price

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STOCKS NEWS SINGAPORE-OCBC raises Osim target price Jul 27th 2012, 02:48 Thu Jul 26, 2012 10:48pm EDT OCBC Investment Research raised its target price for massage chair maker Osim International Ltd to S$1.82 from S$1.61 and kept its 'buy' rating, citing strong growth and better-than-expected margins. By 0234 GMT, shares of Osim were 3.4 percent higher at S$1.225, and have gained about 6 percent so far this year, outperforming the FT ST Consumer Goods Index's 17 percent loss. Osim's second quarter net profit rose 20.1 percent to S$22.5 million, higher than OCBC's estimates, due to better-than-expected margins backed by favourable product mix and better productivity, the brokerage said. It raised its 2012 and 2013 net profit estimates by 3.6 percent and 2.9 percent respectively. "While we acknowledge that concerns over the slowing Chinese economy remain entrenched, Osim has executed well on driving its productivity gains and expanding its margins to mitigate this," OCBC said in a report. 0950 (0150 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 10:03 STOCKS NEWS SINGAPORE-CIMB, OCBC raise CapitaMalls target price CIMB Research raised its target price for CapitaMalls Asia Ltd to S$1.47 from S$1.42, citing higher valuations for its listed entities such as CapitaRetail China Trust , but the brokerage kept its 'underperform' rating. By 0142 GMT, shares of CapitaMalls were 0.6 percent higher at S$1.62, and have surged 43.4 percent since the start of the year, compared to the Straits Times Index's 14 percent rise. CapitaMalls reported a 40.7 percent rise in its second quarter net profit to S$232 million, driven mainly by revaluation gains of its Singapore and Malaysia shopping malls, said CIMB. CapitaMalls management noted that its tenants in China are seeing some slowdown in sales on a year-on-year basis and growth in tier-1 cities is normalizing at a faster pace, CIMB said. OCBC Investment Research also raised the target price for CapitaMalls to S$1.85 from S$1.79, and kept its 'buy' rating, as it expects retail conditions in China to remain healthy and noted that the company's valuations remain undemanding. To read a statement, click 0950 (0150 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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