OSIM INTERNATIONAL LTD
O23.SI
OSIM International (OSIM SP) - FY15 results within expectations
- FY15 results within expectations, reported net profit of SGD51m (SGD66.7m if we strip out one-offs). But we are expecting a nice pop this morning for the share price, as there was a sense in the market it could have been worse.
- Furthermore, this SGD51m includes total one-off expenses of SGD15.7m (SGD10.1m for legal expenses in TWG and SGD5.6m on winding down GNC Australia), which OSIM separated out.
- We remain positive on long-term fundamental, but prefer to stay cautious for now as
- Q1FY16 expected to worsen
- Legal expenses may have more to come in 2016
- Sales (down 5% YoY for 4Q15) looks suspiciously strong and we suspect there may be some chanel stuffing
- Dividend of 6 cents/ share likely to remain, implying more than 6% dividend yield and cashed-up balance sheet of SGD211m net.
James Koh
RHB Invest
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http://www.rhbinvest.com.sg/
2016-01-29
RHB Invest
SGX Stock
Analyst Report
1.50
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