2013-3-13 Kim Eng Biosensors
Transcript of 2013-3-13 Kim Eng Biosensors
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 18SEE APPENDIX I FOR IMPORTANT DI
Company Update
Hold (from Buy) Share price SGD1225Target price SGD128 (from SGD138)
YEAK Chee Keong CFAyeakcheekeongmaybank-kecomsg(65) 6432 1460
Stock Information
Description Biosensors develops manufactures andmarkets medical devices for interventional cardiology andcritical care procedures
Ticker BIG SPShares Issued (m) 17126Market Cap (USD m) 168163-mth Avg Daily Turnover (USD m) 65STIndex 33030Free float () 497
Major Shareholders Shandong Weigao 216Autumn Eagle 157Fidelity 105Atlantis Capital 76Norges Bank 51
Key Indicators
ROE ndash annualised () 71Net cash (USD m) 3117NTAshr (USD) 026Interest cover (x) 216
Historical Chart
Performance
52-week HighLow SGD163SGD1025
1-mth 3-mth 6-mth 1-yr YTD
Absolute () -79 04 00 -112 17
Relative () -88 -45 -83 -204 -25
SCLOSURES AND ANALYST CERTIFICATI
Biosensors InteTurning More Conservati
Turning cautious downgrade to Hold
forecasts by 9-11 as we turn more caut
lower-than-expected licensing revenue
consequently reduced to SGD128 We
Hold as we see limited upside to our revis
term growth potential we believe that nea
share price appreciation The commercial
be a positive catalyst but this will be an ev
Intensifying competition in Japan Weadown Biosensorsrsquo 3QFY313 results resul
down their FY313F revenue YoY growth g
30) Biosensors is collaborating with Te
but with increased pricing pressures i
added cost of more aggressive marketing
net positive effect in the next one to two qu
MampAs necessary for long-term growth
out MampAs this year as it would fit int
transforming into a multi-product medic
suspect that the recent drawdown of SGD
despite being in a net cash position
Depending on the specifics of any potenti
positively or negatively But we do caut
healthcare sector are typically done at hig
revisit our recommendation and TP on bett
BioFreedom contributions only from 20
CE Mark approval More clinical trials will
its efficacy Full commercial launch is onl
think that it is too far ahead to provide posi
Licensing not expected to last forev
cheap at 126x FY314F PER we do not
with Terumo to last for forever This is th
lower than consensus We value it separ
attributed a fair 18x PER multiple on its cor
Biosensors International ndash Summary EarninFYE Mar (USD m) FY11 FY1Revenue 1566 292EBITDA 468 119
Recurring Net Profit 433 101Recurring Basic EPS (US cts) 40 6EPS growth () 320 67
DPS (US cts) 00 0
PER (x) 250 18
EVEBITDA (x) 300 11Div Yield () 00 0
PBV (x) 35 1 Net Cash (USD m) 2594 276ROE () 165 48ROA () 123 42Consensus Net Profit (USD m)
Source Company Maybank KE estimates
NS
13 March 2013
Singapore Co Reg No 198700034E
MICA (P) 099032012
nationalee cut FY313-15F net profit
ious in our forecasts and on
Our SOTP-based TP is
downgrade Biosensors to a
d TP While we like the long-
-term uncertainties may limit
isation of BioFreedom could
nt for 2014
k licensing revenue draggedting in management revising
uidance to 15-20 (from 20-
rumo to regain market share
ntensifying competition and
we deemed it hard to see a
arters
Biosensors is likely to seek
o its long-term strategy of
l equipment company We
300m from its MTN program
ould be for this purpose
l deals this could be viewed
ion that transactions in the
valuation multiples We will
er clarity
4 BioFreedom has received
e conducted to further prove
ly expected in 2014 and we
ive share price trigger
er While Biosensors looks
expect its licensing revenue
e key reason why our TP is
tely using DCF but we have
e business
s Table2 FY13F FY14F FY15F
1 3367 3926 4208
8 1415 1963 2139
0 1142 1363 1493
7 66 79 86
8 (10) 191 96
0 00 00 00
3 150 126 115
7 99 71 66
0 00 00 00
5 14 12 11
5 3729 4761 6463
7 96 103 101
0 80 82 821189 1321 1467
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 2813 March 2013
Figure 2 Peer comparison
Last price
Company (lcl) (
US-listed peers
Johnson amp Johnson USD 784
Boston Scientific USD 75
Medtronic Inc USD 462
Abbott Laboratories USD 349
US-listed average
Asia-listed peers
Terumo Corp JPY 40800
Shandong Weigao HKD 75
Microport Scientific HKD 52
Lepu Medical CNY 106
Asia-listed average
Average excl Biosensors
Biosensors Intrsquol SGD 1225Source Bloomberg Maybank KE
Figure 1 Terumo (Black Bars) losing DES m
Source Bloomberg Millennium Research Group
kt cap PER (x) PS PBV
USD b) Y-1 Y Y+1 (x) (x) (
2193 153 145 136 32 34 1
102 - 172 157 15 15 (4
468 128 125 120 29 26 1
549 69 175 156 14 21 2
117 154 142 22 24
81 369 227 184 20 22
44 74 249 204 72 32 5
09 175 179 165 68 26 1
14 197 186 156 88 34 1
204 210 177 62 29 2
160 179 158 40 26 1
17 183 150 126 50 14
Figure 3 Biosensorsrsquo SOTP valuation
R
Biosensors core business (USD m) 12361e
Nobori licensing (USD m) 244 D
Value of business (USD m) 1480
Excess cash (USD m) 311 N
Total Value (USD m) 1791
Fully diluted no of shares (m) 1721
Value per share (USD) 1041
SGDUSD exchange rate 123
Value per share (SGD) 1280II
Source Maybank KE estimates
Page 2 of 8
Biosensors International arket share in Japan
OE GPM NPM Net DE
) () () ()
78 678 161 (76)
47) 676 (561) 589
99 760 223 470
33 621 150 198
1 684 (07) 295
2 529 62 321
10 553 1089 (173)
56 837 382 (664)
83 823 520 (477)
28 686 513 (248)
24 684 224 54
8 803 1247 (247)
marks
x PER on avg FY314-16Frnings pegged to peer average
CF
t cash
plied FY314F PER of 131xplied FY315F PER of 120x
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 3813 March 2013
Figure 4 Some Recent MampA activities in he
Type Announced Date Target
JV Feb-13Zhuhai Hokai MedicalInstruments Co Ltd
ACQ Jan-13 Goodman Co Ltd
ACQ Jan-13 Trauson Holdings Co LtdACQ Dec-12 Jeudan AS
ACQ Dec-12 Young Innovations Inc
ACQ Nov-12 Kawamura Cycle Co Ltd
ACQ Nov-12 BioMimetic Therapeutics Inc
ACQ Nov-12 Japan Lifeline Co Ltd
ACQ Oct-12 PSS World Medical Inc
ACQ Oct-12 Nipro Corp
DIV Oct-12 Lifetech Scientific Corp
ACQ Oct-12 Latexx Partners BHD
ACQ Sep-12 SkyNewPharm Co Ltd
ACQ Aug-12 Rhoen Klinikum AG
ACQ Aug-12 Golden Meditech Holdings Ltd
BUY Aug-12 SurModics IncACQ Jul-12 Ossur HF
ACQ Jun-12 Nanosonics Ltd
ACQ Apr-12 Rhoen Klinikum AG
JV Mar-12 Terumo Corp
Source Bloomberg
lthcare devicesequipment sector
AcquirerDeal SizeUS$ m Status
Guangzhou Improve MedicalInstrument Co Ltd 64 Pending
Nipro Corp 1748 Pending
Stryker Corp 6776 PendingWilliam Demant Holding AS 23253 Pending
Linden LLC 3001 Completed
Max Co Ltd 116 Pending
Wright Medical Group Inc 1404 Completed
KS Shoji Co Ltd NA Pending
McKesson Corp 18090 Completed
Nippon Electric Glass Co Ltd NA Completed
Medtronic Inc 466 Completed
Semperit AG Holding 1790 Pending
Chabio amp Diostech Co Ltd 146 Completed
B Braun Holding GmbH amp Co KG NA Completed
New Horizon Capital 280 Completed
Shareholders 550 CompletedWilliam Demant Invest AS 5550 Pending
General Electric Co 75 Pending
Fresenius SE amp Co KGaA 49038 TerminatedShandong Weigao Group MedicalPolymer Co Ltd 127 Pending
Average
Page 3 of 8
Biosensors International
TargetPER (x)
TargetPB (x)
TargetPS (x)
540 63 88
NA 22 NA
299 46 1081197 13 45
181 22 29
163 07 08
NA 68 1303
120 04 03
284 32 08
120 14 06
1706 100 144
NA 18 13
NA 39 40
238 14 08
237 05 29
346 40 83194 19 19
NA 48 100
238 14 08
371 23 20
416 31 108
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 4813 March 2013
PROFIT AND LOSS (USD m)
FYE Mar FY2011 FY2012 FY2
Sales 1566 2921
Cost of goods sold (345) (576) (
Gross Profit 1221 2346
Operating expenses (777) (1280) (1
Operating Profit 444 1065 1
Net Interest (51) (38)
Interest Income 01 22
Interest Expense (53) (60)
Net Investment income(loss) 00 00
Net other non-op JV+Assc 193 80 (
Net extraordinaries (94) 2549 (
Pretax profit 491 3656 1
Income taxes (58) (14)
Minority Interest 00 00
Net Profit 433 3643 1
EBITDA 468 1198 1
EPS (US cts) 40 241
Diluted EPS (US cts)39 204
BALANCE SHEET (USD m)
FYE Mar FY2011 FY2012 FY2
Total Assets 4780 12572 1
Current Assets 3293 4296
Cash amp ST investment 2594 3135
Inventories 216 345
Accounts receivable 418 733
Others 65 82
Non-current Assets 1487 8276
LT investments 1159 00
Net PPE 120 430
Others 207 7847
Total Liabilities 995 1396
Current Liabilities 615 1155
Accounts payable 79 207
ST borrowings 00 370
Others 537 577
Long-term liabilities 379 241
Long-term debts 01 00
Convertible notes 00 00
Others 378 240
Shareholders equity 3785 11177 1
Paid-in capital 3461 7133
Reserve 324 4044
Minority Interest 00 00
S ource Company Maybank KE estimates
CASH FLOW (USD m)
13F FY2014F FY2015F FYE Mar FY201
367 3926 4208 Operating cash flow 27
18) (575) (625) Net Profit 43
850 3351 3583 Depreciation amp Amortisation 2
67) (1665) (1767) Change in Working Capital (15
283 1686 1815 Others (2
(17) (84) (77) Investment cash flow (9
42 33 40 Net Capex (2
(59) (117) (117) Net Investments (6
00 00 00 Change in other assets (0
122) (163) (163) Financing cash flow 176
124) (163) (163) Change in share capital 176
143 1439 1575 Dividends paid 0
(01) (76) (83) Net change in debt (0
00 00 00 Change in other LT liab 0
142 1363 1493 Net cash flow 194
415 1963 2139 Free cash flow 25
66 79 86
64 76 84
KEY RATIOS
13F FY2014F FY2015F FYE Mar FY201
917 17342 18869 Growth ( YoY)
312 8555 10355 Sales 34
129 7161 8863 Operating profit 96
312 394 428 EBITDA 86
772 900 964 Net profit 35
100 100 100 EPS 32
605 8788 8514 Profitability ()
00 00 00 Gross margin 78
843 1192 1085 Operating margin 28
761 7596 7430 EBITDA margin 29
316 3378 3413 Net margin 27
689 752 786 ROA 12
199 228 245 ROE 16
00 00 00 Stability
490 524 541 Gross debtequity () 0
627 2627 2627 Net debtequity () (0
401 2401 2401 Int coverage (X) 8
00 00 00 Int amp ST debt coverage (X) 8
226 226 226 Cash flow int coverage (X) 5
601 13964 15457 Cash flow int amp ST debt (X) 5
311 7311 7311 Current ratio (X) 5
291 6653 8146 Quick ratio (X) 5
00 00 00 Net cash(debt) (USD m) (259
Per share data (US cts)
EPS 4
Diluted EPS 3
CFPS 2
BVPS 28
SPS 14
EBITDAshare 4
DPS 0
Page 4 of 8
Biosensors International 1 FY2012 FY2013F FY2014F FY2015F
8 810 1423 1493 1752
3 3643 1142 1363 1493
4 133 132 277 323
8) (281) (14) (180) (81)
1) (2684) 164 34 17
6) (317) (460) (460) (50)
8) (51) (460) (460) (50)
8) (172) 00 00 00
1) (93) (00) 00 00
1 76 2030 00 00
2 77 00 00 00
0 00 00 00 00
1) (00) 2030 00 00
0 00 00 00 00
2 570 2993 1033 1702
0 759 963 1033 1702
1 FY2012 FY2013F FY2014F FY2015F
8 866 153 166 72
3 1402 20 4 314 77
2 1563 18 1 387 90
0 7419 (687) 193 96
0 5050 (725) 191 96
0 803 846 853 852
3 365 381 429 431
9 410 420 500 508
6 1247 339 347 355
3 420 80 82 82
5 487 96 103 101
0 00 02 02 02
7) (02) (03) (03) (04)
4 177 218 144 155
4 25 217 144 155
3 135 242 128 150
3 19 241 127 149
4 37 106 114 132
0 34 102 109 126
3) (2765) (3728) (4760) (6462)
0 241 66 79 86
9 204 64 76 84
6 54 83 86 101
4 649 729 808 895
4 193 195 227 244
3 79 82 114 124
0 00 00 00 00
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 5813 March 2013
REGIONALP K BASU Regional Head Research amp Economics(65) 6432 1821 pkbasumaybank-kecomsg
WONG Chew Hann CA Acting Regional Head of Institutional Research(603) 2297 8686 wchewhmaybank-ibcom
ONG Seng Yeow
Regional Products amp Planning(65) 6432 1453 ongsengyeowmaybank-kecomsg
MALAYSIAWONG Chew Hann CA Head of Research (603) 2297 8686 wchewhmaybank-ibcom Strategy Construction amp InfrastructureDesmond CHrsquoNG ACA(603) 2297 8680 desmondchngmaybank-ibcom Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliawmaybank-ibcom Oil amp Gas Automotive ShippingONG Chee Ting CA(603) 2297 8678 ctongmaybank-ibcom Plantations- Regional Mohshin AZIZ (603) 2297 8692 mohshinazizmaybank-ibcom Aviation PetrochemYIN Shao Yang CPA
(603) 2297 8916 samuelymaybank-ibcom Gaming ndash Regional Media TAN CHI WEI CFA(603) 2297 8690 chiweitmaybank-ibcom Power TelcosWONG Wei Sum CFA(603) 2297 8679 weisummaybank-ibcom Property amp REITsLEE Yen Ling(603) 2297 8691 leeylmaybank-ibcom Building Materials Manufacturing Technology
LEE Cheng Hooi Head of Retail chenghooileemaybank-ibcom Technicals
HONG KONG CHINATodd MARTIN Head of Research (852) 2268 0638 toddmartinkimengcomhk
Banking amp FinanceIvan CHEUNG CFA(852) 2268 0634 ivancheungkimengcomhk HK Property IndustrialJacqueline KO CFA(852) 2268 0633 jacquelinekokimengcomhk ConsumerAndy POON (852) 2268 0645 andypoonkimengcomhk Telecom amp equipmentAlex YEUNG (852) 2268 0636 alexyeungkimengcomhk IndustrialWarren LAU (852) 2268 0644 warrenlaukimengcomhk Technology - Regional Karen KWAN (852) 2268 0640 karenkwankimengcomhk China PropertyJeremy TAN (852) 2268 0635 jeremytankimengcomhk Gaming
INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigarmaybank-kecoin Oil amp Gas Automobile CementAnubhav GUPTA (91) 22 6623 2605 anubhavmaybank-kecoin Metal amp Mining Capital goods PropertyUrmil SHAH (91) 22 6623 2606 urmilmaybank-kecoin Technology MediaVarun VARMA (91) 226623 2611 varunmaybank-kecoin Banking
G(6 W(6 il li Ja(6 Y(6 Al
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K(6 L(6
R(6 P(6 A(6 A(6 A(6
L(6 L(6 l li L(6 l ll l K(6 i K(6 R
(6
983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO
Suhaimi ILIAS Chief Economist Singapore | Malaysia(603) 2297 8682 suhaimi_iliasmaybank-ibcom
Luz LORENZO Philippines | Indonesia(63) 2 849 8836 luz_lorenzomaybank-atrkeco
Tim LEELAHAPHAN
Thailand (662) 658 1420 timlmaybank-kecoth
SINGAPOREregory YAP Head of Research 5) 6432 1450 gyapmaybank-kecomsg
Technology amp ManufacturingTelcos - Regional
ilson LIEW 5) 6432 1454 wilsonliewmaybank-kecomsg
Hotel amp ResortProperty amp Construction
mes KOH 5) 6432 1431 jameskohmaybank-kecomsg
LogisticsResourcesConsumerSmall amp Mid Caps
AK Chee Keong CFA5) 6432 1460 yeakcheekeongmaybank-kecomsg
Offshore amp Marinelison FOK
5) 6432 1447 alisonfokmaybank-kecomsgServicesS-chips
rnard CHIN 5) 6432 1446 bernardchinmaybank-kecomsg
Transport (Land Shipping amp Aviation)G Kian Lin
5) 6432 1470 ongkianlinmaybank-kecomsgREITs Property
ei Bin5) 6432 1455 weibinmaybank-kecomsg
S-chipsSmall amp Mid Caps
INDONESIAtarina SETIAWAN Head of Research
2) 21 2557 1125 katarinasetiawanmaybank-kecoidConsumerStrategyTelcos
cky ARIESANDI CFA 2) 21 2557 1127 luckyariesandimaybank-kecoid
Base metalsMining
Oil amp GasWholesalehmi MARINA
2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance
ndu ANUGRAH 2) 21 2557 1137 panduanugrahmaybank-kecoid
AutomotiveHeavy equipmentPlantationToll road
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Generalistnthony YUNUS 2) 21 2557 1139 anthonyyunusmaybank-kecoid
CementInfrastructureProperty
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Technicals
PHILIPPINESz LORENZO Head of Research
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UtilitiesConglomeratesTelcos
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ConsumerMediaCement
nneth NERECINA 3) 2 849 8839 kenneth_nerecinamaybank-atrkecom
ConglomeratesPropertyPorts Logistics
therine TAN 3) 2 849 8843 kat_tanmaybank-atrkecom
BanksConstruction
mon ADVIENTO
3) 2 849 8845 ramon_advientomaybank-atrke comMining
Sukit UDOMSIRIKU
(66) 2658 6300 extSukitumaybank-
Maria LAPIZ HeadDir (66) 2257 0250 |MariaLmaybank- Consumer Big
Andrew STOTZ Str (66) 2658 6300 extAndrewmaybank-
Mayuree CHOWVIK
(66) 2658 6300 ext Strategy
Suttatip PEERASUB
(66) 2658 6300 ext i Media CommerceSutthichai KUMWO
(66) 2658 6300 ext i i Energy PetrochemTermporn TANTIVI
(66) 2658 6300 ext PropertyWoraphon WIROO
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(66) 2658 6300 ext Transportation Small capChatchai JINDAR(66) 2658 6300 ext i ElectronicsPongrat RATANAT
(66) 2658 6300 ext Services Small
Michael KOKALARI
(84) 838 38 66 47 i l l i StrategyNguyen Thi Ngan(84) 844 55 58 88 x Food and Beve Oil and GasNgo Bich Van(84) 844 55 58 88 x BankingTrinh Thi Ngoc Di(84) 844 55 58 88 x i i Technology Utilities ConstructionDang Thi Kim Tho(84) 844 55 58 88 x ConsumerNguyen Trung Ho+84 844 55 58 88 x Steel Sugar Resources
Page 5 of 8
Biosensors International ICS
THAILANDL Head of Research 5090ecoth
of Institutional Research i | (66) 2658 6300 ext 1399
kecothi Caps
ategist 5091kecoth
RAN 1440 mayureecmaybank-kecoth
1430 suttatippmaybank-kecoth
RACHAI 1400 sutthichaikmaybank-kecoth
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SRI 1560 woraphonwmaybank-kecoth
i i nceNAWONG 1404 jaroonpanwmaybank-kecoth
T1401 chatchaijmaybank-kecoth
VANANANDA 1398 pongratRmaybank-kecoth
i ll Caps
VIETNAM CFA Head of Research
ichaelkokalarimaybank-kimengcomvn
Tuyen8081 tuyennguyenmaybank-kimengcomvnrage
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p8242 dieptrinhmaybank-kimengcomvn
a8083 thoadangmaybank-kimengcomvn
8088 hoanguyenmaybank-kimengcomvn
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 2813 March 2013
Figure 2 Peer comparison
Last price
Company (lcl) (
US-listed peers
Johnson amp Johnson USD 784
Boston Scientific USD 75
Medtronic Inc USD 462
Abbott Laboratories USD 349
US-listed average
Asia-listed peers
Terumo Corp JPY 40800
Shandong Weigao HKD 75
Microport Scientific HKD 52
Lepu Medical CNY 106
Asia-listed average
Average excl Biosensors
Biosensors Intrsquol SGD 1225Source Bloomberg Maybank KE
Figure 1 Terumo (Black Bars) losing DES m
Source Bloomberg Millennium Research Group
kt cap PER (x) PS PBV
USD b) Y-1 Y Y+1 (x) (x) (
2193 153 145 136 32 34 1
102 - 172 157 15 15 (4
468 128 125 120 29 26 1
549 69 175 156 14 21 2
117 154 142 22 24
81 369 227 184 20 22
44 74 249 204 72 32 5
09 175 179 165 68 26 1
14 197 186 156 88 34 1
204 210 177 62 29 2
160 179 158 40 26 1
17 183 150 126 50 14
Figure 3 Biosensorsrsquo SOTP valuation
R
Biosensors core business (USD m) 12361e
Nobori licensing (USD m) 244 D
Value of business (USD m) 1480
Excess cash (USD m) 311 N
Total Value (USD m) 1791
Fully diluted no of shares (m) 1721
Value per share (USD) 1041
SGDUSD exchange rate 123
Value per share (SGD) 1280II
Source Maybank KE estimates
Page 2 of 8
Biosensors International arket share in Japan
OE GPM NPM Net DE
) () () ()
78 678 161 (76)
47) 676 (561) 589
99 760 223 470
33 621 150 198
1 684 (07) 295
2 529 62 321
10 553 1089 (173)
56 837 382 (664)
83 823 520 (477)
28 686 513 (248)
24 684 224 54
8 803 1247 (247)
marks
x PER on avg FY314-16Frnings pegged to peer average
CF
t cash
plied FY314F PER of 131xplied FY315F PER of 120x
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 3813 March 2013
Figure 4 Some Recent MampA activities in he
Type Announced Date Target
JV Feb-13Zhuhai Hokai MedicalInstruments Co Ltd
ACQ Jan-13 Goodman Co Ltd
ACQ Jan-13 Trauson Holdings Co LtdACQ Dec-12 Jeudan AS
ACQ Dec-12 Young Innovations Inc
ACQ Nov-12 Kawamura Cycle Co Ltd
ACQ Nov-12 BioMimetic Therapeutics Inc
ACQ Nov-12 Japan Lifeline Co Ltd
ACQ Oct-12 PSS World Medical Inc
ACQ Oct-12 Nipro Corp
DIV Oct-12 Lifetech Scientific Corp
ACQ Oct-12 Latexx Partners BHD
ACQ Sep-12 SkyNewPharm Co Ltd
ACQ Aug-12 Rhoen Klinikum AG
ACQ Aug-12 Golden Meditech Holdings Ltd
BUY Aug-12 SurModics IncACQ Jul-12 Ossur HF
ACQ Jun-12 Nanosonics Ltd
ACQ Apr-12 Rhoen Klinikum AG
JV Mar-12 Terumo Corp
Source Bloomberg
lthcare devicesequipment sector
AcquirerDeal SizeUS$ m Status
Guangzhou Improve MedicalInstrument Co Ltd 64 Pending
Nipro Corp 1748 Pending
Stryker Corp 6776 PendingWilliam Demant Holding AS 23253 Pending
Linden LLC 3001 Completed
Max Co Ltd 116 Pending
Wright Medical Group Inc 1404 Completed
KS Shoji Co Ltd NA Pending
McKesson Corp 18090 Completed
Nippon Electric Glass Co Ltd NA Completed
Medtronic Inc 466 Completed
Semperit AG Holding 1790 Pending
Chabio amp Diostech Co Ltd 146 Completed
B Braun Holding GmbH amp Co KG NA Completed
New Horizon Capital 280 Completed
Shareholders 550 CompletedWilliam Demant Invest AS 5550 Pending
General Electric Co 75 Pending
Fresenius SE amp Co KGaA 49038 TerminatedShandong Weigao Group MedicalPolymer Co Ltd 127 Pending
Average
Page 3 of 8
Biosensors International
TargetPER (x)
TargetPB (x)
TargetPS (x)
540 63 88
NA 22 NA
299 46 1081197 13 45
181 22 29
163 07 08
NA 68 1303
120 04 03
284 32 08
120 14 06
1706 100 144
NA 18 13
NA 39 40
238 14 08
237 05 29
346 40 83194 19 19
NA 48 100
238 14 08
371 23 20
416 31 108
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 4813 March 2013
PROFIT AND LOSS (USD m)
FYE Mar FY2011 FY2012 FY2
Sales 1566 2921
Cost of goods sold (345) (576) (
Gross Profit 1221 2346
Operating expenses (777) (1280) (1
Operating Profit 444 1065 1
Net Interest (51) (38)
Interest Income 01 22
Interest Expense (53) (60)
Net Investment income(loss) 00 00
Net other non-op JV+Assc 193 80 (
Net extraordinaries (94) 2549 (
Pretax profit 491 3656 1
Income taxes (58) (14)
Minority Interest 00 00
Net Profit 433 3643 1
EBITDA 468 1198 1
EPS (US cts) 40 241
Diluted EPS (US cts)39 204
BALANCE SHEET (USD m)
FYE Mar FY2011 FY2012 FY2
Total Assets 4780 12572 1
Current Assets 3293 4296
Cash amp ST investment 2594 3135
Inventories 216 345
Accounts receivable 418 733
Others 65 82
Non-current Assets 1487 8276
LT investments 1159 00
Net PPE 120 430
Others 207 7847
Total Liabilities 995 1396
Current Liabilities 615 1155
Accounts payable 79 207
ST borrowings 00 370
Others 537 577
Long-term liabilities 379 241
Long-term debts 01 00
Convertible notes 00 00
Others 378 240
Shareholders equity 3785 11177 1
Paid-in capital 3461 7133
Reserve 324 4044
Minority Interest 00 00
S ource Company Maybank KE estimates
CASH FLOW (USD m)
13F FY2014F FY2015F FYE Mar FY201
367 3926 4208 Operating cash flow 27
18) (575) (625) Net Profit 43
850 3351 3583 Depreciation amp Amortisation 2
67) (1665) (1767) Change in Working Capital (15
283 1686 1815 Others (2
(17) (84) (77) Investment cash flow (9
42 33 40 Net Capex (2
(59) (117) (117) Net Investments (6
00 00 00 Change in other assets (0
122) (163) (163) Financing cash flow 176
124) (163) (163) Change in share capital 176
143 1439 1575 Dividends paid 0
(01) (76) (83) Net change in debt (0
00 00 00 Change in other LT liab 0
142 1363 1493 Net cash flow 194
415 1963 2139 Free cash flow 25
66 79 86
64 76 84
KEY RATIOS
13F FY2014F FY2015F FYE Mar FY201
917 17342 18869 Growth ( YoY)
312 8555 10355 Sales 34
129 7161 8863 Operating profit 96
312 394 428 EBITDA 86
772 900 964 Net profit 35
100 100 100 EPS 32
605 8788 8514 Profitability ()
00 00 00 Gross margin 78
843 1192 1085 Operating margin 28
761 7596 7430 EBITDA margin 29
316 3378 3413 Net margin 27
689 752 786 ROA 12
199 228 245 ROE 16
00 00 00 Stability
490 524 541 Gross debtequity () 0
627 2627 2627 Net debtequity () (0
401 2401 2401 Int coverage (X) 8
00 00 00 Int amp ST debt coverage (X) 8
226 226 226 Cash flow int coverage (X) 5
601 13964 15457 Cash flow int amp ST debt (X) 5
311 7311 7311 Current ratio (X) 5
291 6653 8146 Quick ratio (X) 5
00 00 00 Net cash(debt) (USD m) (259
Per share data (US cts)
EPS 4
Diluted EPS 3
CFPS 2
BVPS 28
SPS 14
EBITDAshare 4
DPS 0
Page 4 of 8
Biosensors International 1 FY2012 FY2013F FY2014F FY2015F
8 810 1423 1493 1752
3 3643 1142 1363 1493
4 133 132 277 323
8) (281) (14) (180) (81)
1) (2684) 164 34 17
6) (317) (460) (460) (50)
8) (51) (460) (460) (50)
8) (172) 00 00 00
1) (93) (00) 00 00
1 76 2030 00 00
2 77 00 00 00
0 00 00 00 00
1) (00) 2030 00 00
0 00 00 00 00
2 570 2993 1033 1702
0 759 963 1033 1702
1 FY2012 FY2013F FY2014F FY2015F
8 866 153 166 72
3 1402 20 4 314 77
2 1563 18 1 387 90
0 7419 (687) 193 96
0 5050 (725) 191 96
0 803 846 853 852
3 365 381 429 431
9 410 420 500 508
6 1247 339 347 355
3 420 80 82 82
5 487 96 103 101
0 00 02 02 02
7) (02) (03) (03) (04)
4 177 218 144 155
4 25 217 144 155
3 135 242 128 150
3 19 241 127 149
4 37 106 114 132
0 34 102 109 126
3) (2765) (3728) (4760) (6462)
0 241 66 79 86
9 204 64 76 84
6 54 83 86 101
4 649 729 808 895
4 193 195 227 244
3 79 82 114 124
0 00 00 00 00
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 5813 March 2013
REGIONALP K BASU Regional Head Research amp Economics(65) 6432 1821 pkbasumaybank-kecomsg
WONG Chew Hann CA Acting Regional Head of Institutional Research(603) 2297 8686 wchewhmaybank-ibcom
ONG Seng Yeow
Regional Products amp Planning(65) 6432 1453 ongsengyeowmaybank-kecomsg
MALAYSIAWONG Chew Hann CA Head of Research (603) 2297 8686 wchewhmaybank-ibcom Strategy Construction amp InfrastructureDesmond CHrsquoNG ACA(603) 2297 8680 desmondchngmaybank-ibcom Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliawmaybank-ibcom Oil amp Gas Automotive ShippingONG Chee Ting CA(603) 2297 8678 ctongmaybank-ibcom Plantations- Regional Mohshin AZIZ (603) 2297 8692 mohshinazizmaybank-ibcom Aviation PetrochemYIN Shao Yang CPA
(603) 2297 8916 samuelymaybank-ibcom Gaming ndash Regional Media TAN CHI WEI CFA(603) 2297 8690 chiweitmaybank-ibcom Power TelcosWONG Wei Sum CFA(603) 2297 8679 weisummaybank-ibcom Property amp REITsLEE Yen Ling(603) 2297 8691 leeylmaybank-ibcom Building Materials Manufacturing Technology
LEE Cheng Hooi Head of Retail chenghooileemaybank-ibcom Technicals
HONG KONG CHINATodd MARTIN Head of Research (852) 2268 0638 toddmartinkimengcomhk
Banking amp FinanceIvan CHEUNG CFA(852) 2268 0634 ivancheungkimengcomhk HK Property IndustrialJacqueline KO CFA(852) 2268 0633 jacquelinekokimengcomhk ConsumerAndy POON (852) 2268 0645 andypoonkimengcomhk Telecom amp equipmentAlex YEUNG (852) 2268 0636 alexyeungkimengcomhk IndustrialWarren LAU (852) 2268 0644 warrenlaukimengcomhk Technology - Regional Karen KWAN (852) 2268 0640 karenkwankimengcomhk China PropertyJeremy TAN (852) 2268 0635 jeremytankimengcomhk Gaming
INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigarmaybank-kecoin Oil amp Gas Automobile CementAnubhav GUPTA (91) 22 6623 2605 anubhavmaybank-kecoin Metal amp Mining Capital goods PropertyUrmil SHAH (91) 22 6623 2606 urmilmaybank-kecoin Technology MediaVarun VARMA (91) 226623 2611 varunmaybank-kecoin Banking
G(6 W(6 il li Ja(6 Y(6 Al
(6 B(6 O(6 i li W(6 i i
K(6 L(6
R(6 P(6 A(6 A(6 A(6
L(6 L(6 l li L(6 l ll l K(6 i K(6 R
(6
983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO
Suhaimi ILIAS Chief Economist Singapore | Malaysia(603) 2297 8682 suhaimi_iliasmaybank-ibcom
Luz LORENZO Philippines | Indonesia(63) 2 849 8836 luz_lorenzomaybank-atrkeco
Tim LEELAHAPHAN
Thailand (662) 658 1420 timlmaybank-kecoth
SINGAPOREregory YAP Head of Research 5) 6432 1450 gyapmaybank-kecomsg
Technology amp ManufacturingTelcos - Regional
ilson LIEW 5) 6432 1454 wilsonliewmaybank-kecomsg
Hotel amp ResortProperty amp Construction
mes KOH 5) 6432 1431 jameskohmaybank-kecomsg
LogisticsResourcesConsumerSmall amp Mid Caps
AK Chee Keong CFA5) 6432 1460 yeakcheekeongmaybank-kecomsg
Offshore amp Marinelison FOK
5) 6432 1447 alisonfokmaybank-kecomsgServicesS-chips
rnard CHIN 5) 6432 1446 bernardchinmaybank-kecomsg
Transport (Land Shipping amp Aviation)G Kian Lin
5) 6432 1470 ongkianlinmaybank-kecomsgREITs Property
ei Bin5) 6432 1455 weibinmaybank-kecomsg
S-chipsSmall amp Mid Caps
INDONESIAtarina SETIAWAN Head of Research
2) 21 2557 1125 katarinasetiawanmaybank-kecoidConsumerStrategyTelcos
cky ARIESANDI CFA 2) 21 2557 1127 luckyariesandimaybank-kecoid
Base metalsMining
Oil amp GasWholesalehmi MARINA
2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance
ndu ANUGRAH 2) 21 2557 1137 panduanugrahmaybank-kecoid
AutomotiveHeavy equipmentPlantationToll road
i N WICAKSONO 2) 21 2557 1128 adiwicaksonomaybank-kecoid
Generalistnthony YUNUS 2) 21 2557 1139 anthonyyunusmaybank-kecoid
CementInfrastructureProperty
rwani PRANADJAYA 2) 21 2557 1129 arwanipranadjayamaybank-kecoid
Technicals
PHILIPPINESz LORENZO Head of Research
3) 2 849 8836 luz_lorenzomaybank-atrkecomStrategy
ura DY-LIACCO 3) 2 849 8840 laura_dyliaccomaybank-atrkecom
UtilitiesConglomeratesTelcos
vell SARREAL 3) 2 849 8841 lovell_sarrealmaybank-atrkecom
ConsumerMediaCement
nneth NERECINA 3) 2 849 8839 kenneth_nerecinamaybank-atrkecom
ConglomeratesPropertyPorts Logistics
therine TAN 3) 2 849 8843 kat_tanmaybank-atrkecom
BanksConstruction
mon ADVIENTO
3) 2 849 8845 ramon_advientomaybank-atrke comMining
Sukit UDOMSIRIKU
(66) 2658 6300 extSukitumaybank-
Maria LAPIZ HeadDir (66) 2257 0250 |MariaLmaybank- Consumer Big
Andrew STOTZ Str (66) 2658 6300 extAndrewmaybank-
Mayuree CHOWVIK
(66) 2658 6300 ext Strategy
Suttatip PEERASUB
(66) 2658 6300 ext i Media CommerceSutthichai KUMWO
(66) 2658 6300 ext i i Energy PetrochemTermporn TANTIVI
(66) 2658 6300 ext PropertyWoraphon WIROO
(66) 2658 6300 ext Banking amp FinaJaroonpan WATTA
(66) 2658 6300 ext Transportation Small capChatchai JINDAR(66) 2658 6300 ext i ElectronicsPongrat RATANAT
(66) 2658 6300 ext Services Small
Michael KOKALARI
(84) 838 38 66 47 i l l i StrategyNguyen Thi Ngan(84) 844 55 58 88 x Food and Beve Oil and GasNgo Bich Van(84) 844 55 58 88 x BankingTrinh Thi Ngoc Di(84) 844 55 58 88 x i i Technology Utilities ConstructionDang Thi Kim Tho(84) 844 55 58 88 x ConsumerNguyen Trung Ho+84 844 55 58 88 x Steel Sugar Resources
Page 5 of 8
Biosensors International ICS
THAILANDL Head of Research 5090ecoth
of Institutional Research i | (66) 2658 6300 ext 1399
kecothi Caps
ategist 5091kecoth
RAN 1440 mayureecmaybank-kecoth
1430 suttatippmaybank-kecoth
RACHAI 1400 sutthichaikmaybank-kecoth
AT 1520 termporntmaybank-kecoth
SRI 1560 woraphonwmaybank-kecoth
i i nceNAWONG 1404 jaroonpanwmaybank-kecoth
T1401 chatchaijmaybank-kecoth
VANANANDA 1398 pongratRmaybank-kecoth
i ll Caps
VIETNAM CFA Head of Research
ichaelkokalarimaybank-kimengcomvn
Tuyen8081 tuyennguyenmaybank-kimengcomvnrage
8084 vanngomaybank-kimengcomvn
p8242 dieptrinhmaybank-kimengcomvn
a8083 thoadangmaybank-kimengcomvn
8088 hoanguyenmaybank-kimengcomvn
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 3813 March 2013
Figure 4 Some Recent MampA activities in he
Type Announced Date Target
JV Feb-13Zhuhai Hokai MedicalInstruments Co Ltd
ACQ Jan-13 Goodman Co Ltd
ACQ Jan-13 Trauson Holdings Co LtdACQ Dec-12 Jeudan AS
ACQ Dec-12 Young Innovations Inc
ACQ Nov-12 Kawamura Cycle Co Ltd
ACQ Nov-12 BioMimetic Therapeutics Inc
ACQ Nov-12 Japan Lifeline Co Ltd
ACQ Oct-12 PSS World Medical Inc
ACQ Oct-12 Nipro Corp
DIV Oct-12 Lifetech Scientific Corp
ACQ Oct-12 Latexx Partners BHD
ACQ Sep-12 SkyNewPharm Co Ltd
ACQ Aug-12 Rhoen Klinikum AG
ACQ Aug-12 Golden Meditech Holdings Ltd
BUY Aug-12 SurModics IncACQ Jul-12 Ossur HF
ACQ Jun-12 Nanosonics Ltd
ACQ Apr-12 Rhoen Klinikum AG
JV Mar-12 Terumo Corp
Source Bloomberg
lthcare devicesequipment sector
AcquirerDeal SizeUS$ m Status
Guangzhou Improve MedicalInstrument Co Ltd 64 Pending
Nipro Corp 1748 Pending
Stryker Corp 6776 PendingWilliam Demant Holding AS 23253 Pending
Linden LLC 3001 Completed
Max Co Ltd 116 Pending
Wright Medical Group Inc 1404 Completed
KS Shoji Co Ltd NA Pending
McKesson Corp 18090 Completed
Nippon Electric Glass Co Ltd NA Completed
Medtronic Inc 466 Completed
Semperit AG Holding 1790 Pending
Chabio amp Diostech Co Ltd 146 Completed
B Braun Holding GmbH amp Co KG NA Completed
New Horizon Capital 280 Completed
Shareholders 550 CompletedWilliam Demant Invest AS 5550 Pending
General Electric Co 75 Pending
Fresenius SE amp Co KGaA 49038 TerminatedShandong Weigao Group MedicalPolymer Co Ltd 127 Pending
Average
Page 3 of 8
Biosensors International
TargetPER (x)
TargetPB (x)
TargetPS (x)
540 63 88
NA 22 NA
299 46 1081197 13 45
181 22 29
163 07 08
NA 68 1303
120 04 03
284 32 08
120 14 06
1706 100 144
NA 18 13
NA 39 40
238 14 08
237 05 29
346 40 83194 19 19
NA 48 100
238 14 08
371 23 20
416 31 108
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 4813 March 2013
PROFIT AND LOSS (USD m)
FYE Mar FY2011 FY2012 FY2
Sales 1566 2921
Cost of goods sold (345) (576) (
Gross Profit 1221 2346
Operating expenses (777) (1280) (1
Operating Profit 444 1065 1
Net Interest (51) (38)
Interest Income 01 22
Interest Expense (53) (60)
Net Investment income(loss) 00 00
Net other non-op JV+Assc 193 80 (
Net extraordinaries (94) 2549 (
Pretax profit 491 3656 1
Income taxes (58) (14)
Minority Interest 00 00
Net Profit 433 3643 1
EBITDA 468 1198 1
EPS (US cts) 40 241
Diluted EPS (US cts)39 204
BALANCE SHEET (USD m)
FYE Mar FY2011 FY2012 FY2
Total Assets 4780 12572 1
Current Assets 3293 4296
Cash amp ST investment 2594 3135
Inventories 216 345
Accounts receivable 418 733
Others 65 82
Non-current Assets 1487 8276
LT investments 1159 00
Net PPE 120 430
Others 207 7847
Total Liabilities 995 1396
Current Liabilities 615 1155
Accounts payable 79 207
ST borrowings 00 370
Others 537 577
Long-term liabilities 379 241
Long-term debts 01 00
Convertible notes 00 00
Others 378 240
Shareholders equity 3785 11177 1
Paid-in capital 3461 7133
Reserve 324 4044
Minority Interest 00 00
S ource Company Maybank KE estimates
CASH FLOW (USD m)
13F FY2014F FY2015F FYE Mar FY201
367 3926 4208 Operating cash flow 27
18) (575) (625) Net Profit 43
850 3351 3583 Depreciation amp Amortisation 2
67) (1665) (1767) Change in Working Capital (15
283 1686 1815 Others (2
(17) (84) (77) Investment cash flow (9
42 33 40 Net Capex (2
(59) (117) (117) Net Investments (6
00 00 00 Change in other assets (0
122) (163) (163) Financing cash flow 176
124) (163) (163) Change in share capital 176
143 1439 1575 Dividends paid 0
(01) (76) (83) Net change in debt (0
00 00 00 Change in other LT liab 0
142 1363 1493 Net cash flow 194
415 1963 2139 Free cash flow 25
66 79 86
64 76 84
KEY RATIOS
13F FY2014F FY2015F FYE Mar FY201
917 17342 18869 Growth ( YoY)
312 8555 10355 Sales 34
129 7161 8863 Operating profit 96
312 394 428 EBITDA 86
772 900 964 Net profit 35
100 100 100 EPS 32
605 8788 8514 Profitability ()
00 00 00 Gross margin 78
843 1192 1085 Operating margin 28
761 7596 7430 EBITDA margin 29
316 3378 3413 Net margin 27
689 752 786 ROA 12
199 228 245 ROE 16
00 00 00 Stability
490 524 541 Gross debtequity () 0
627 2627 2627 Net debtequity () (0
401 2401 2401 Int coverage (X) 8
00 00 00 Int amp ST debt coverage (X) 8
226 226 226 Cash flow int coverage (X) 5
601 13964 15457 Cash flow int amp ST debt (X) 5
311 7311 7311 Current ratio (X) 5
291 6653 8146 Quick ratio (X) 5
00 00 00 Net cash(debt) (USD m) (259
Per share data (US cts)
EPS 4
Diluted EPS 3
CFPS 2
BVPS 28
SPS 14
EBITDAshare 4
DPS 0
Page 4 of 8
Biosensors International 1 FY2012 FY2013F FY2014F FY2015F
8 810 1423 1493 1752
3 3643 1142 1363 1493
4 133 132 277 323
8) (281) (14) (180) (81)
1) (2684) 164 34 17
6) (317) (460) (460) (50)
8) (51) (460) (460) (50)
8) (172) 00 00 00
1) (93) (00) 00 00
1 76 2030 00 00
2 77 00 00 00
0 00 00 00 00
1) (00) 2030 00 00
0 00 00 00 00
2 570 2993 1033 1702
0 759 963 1033 1702
1 FY2012 FY2013F FY2014F FY2015F
8 866 153 166 72
3 1402 20 4 314 77
2 1563 18 1 387 90
0 7419 (687) 193 96
0 5050 (725) 191 96
0 803 846 853 852
3 365 381 429 431
9 410 420 500 508
6 1247 339 347 355
3 420 80 82 82
5 487 96 103 101
0 00 02 02 02
7) (02) (03) (03) (04)
4 177 218 144 155
4 25 217 144 155
3 135 242 128 150
3 19 241 127 149
4 37 106 114 132
0 34 102 109 126
3) (2765) (3728) (4760) (6462)
0 241 66 79 86
9 204 64 76 84
6 54 83 86 101
4 649 729 808 895
4 193 195 227 244
3 79 82 114 124
0 00 00 00 00
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 5813 March 2013
REGIONALP K BASU Regional Head Research amp Economics(65) 6432 1821 pkbasumaybank-kecomsg
WONG Chew Hann CA Acting Regional Head of Institutional Research(603) 2297 8686 wchewhmaybank-ibcom
ONG Seng Yeow
Regional Products amp Planning(65) 6432 1453 ongsengyeowmaybank-kecomsg
MALAYSIAWONG Chew Hann CA Head of Research (603) 2297 8686 wchewhmaybank-ibcom Strategy Construction amp InfrastructureDesmond CHrsquoNG ACA(603) 2297 8680 desmondchngmaybank-ibcom Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliawmaybank-ibcom Oil amp Gas Automotive ShippingONG Chee Ting CA(603) 2297 8678 ctongmaybank-ibcom Plantations- Regional Mohshin AZIZ (603) 2297 8692 mohshinazizmaybank-ibcom Aviation PetrochemYIN Shao Yang CPA
(603) 2297 8916 samuelymaybank-ibcom Gaming ndash Regional Media TAN CHI WEI CFA(603) 2297 8690 chiweitmaybank-ibcom Power TelcosWONG Wei Sum CFA(603) 2297 8679 weisummaybank-ibcom Property amp REITsLEE Yen Ling(603) 2297 8691 leeylmaybank-ibcom Building Materials Manufacturing Technology
LEE Cheng Hooi Head of Retail chenghooileemaybank-ibcom Technicals
HONG KONG CHINATodd MARTIN Head of Research (852) 2268 0638 toddmartinkimengcomhk
Banking amp FinanceIvan CHEUNG CFA(852) 2268 0634 ivancheungkimengcomhk HK Property IndustrialJacqueline KO CFA(852) 2268 0633 jacquelinekokimengcomhk ConsumerAndy POON (852) 2268 0645 andypoonkimengcomhk Telecom amp equipmentAlex YEUNG (852) 2268 0636 alexyeungkimengcomhk IndustrialWarren LAU (852) 2268 0644 warrenlaukimengcomhk Technology - Regional Karen KWAN (852) 2268 0640 karenkwankimengcomhk China PropertyJeremy TAN (852) 2268 0635 jeremytankimengcomhk Gaming
INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigarmaybank-kecoin Oil amp Gas Automobile CementAnubhav GUPTA (91) 22 6623 2605 anubhavmaybank-kecoin Metal amp Mining Capital goods PropertyUrmil SHAH (91) 22 6623 2606 urmilmaybank-kecoin Technology MediaVarun VARMA (91) 226623 2611 varunmaybank-kecoin Banking
G(6 W(6 il li Ja(6 Y(6 Al
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K(6 L(6
R(6 P(6 A(6 A(6 A(6
L(6 L(6 l li L(6 l ll l K(6 i K(6 R
(6
983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO
Suhaimi ILIAS Chief Economist Singapore | Malaysia(603) 2297 8682 suhaimi_iliasmaybank-ibcom
Luz LORENZO Philippines | Indonesia(63) 2 849 8836 luz_lorenzomaybank-atrkeco
Tim LEELAHAPHAN
Thailand (662) 658 1420 timlmaybank-kecoth
SINGAPOREregory YAP Head of Research 5) 6432 1450 gyapmaybank-kecomsg
Technology amp ManufacturingTelcos - Regional
ilson LIEW 5) 6432 1454 wilsonliewmaybank-kecomsg
Hotel amp ResortProperty amp Construction
mes KOH 5) 6432 1431 jameskohmaybank-kecomsg
LogisticsResourcesConsumerSmall amp Mid Caps
AK Chee Keong CFA5) 6432 1460 yeakcheekeongmaybank-kecomsg
Offshore amp Marinelison FOK
5) 6432 1447 alisonfokmaybank-kecomsgServicesS-chips
rnard CHIN 5) 6432 1446 bernardchinmaybank-kecomsg
Transport (Land Shipping amp Aviation)G Kian Lin
5) 6432 1470 ongkianlinmaybank-kecomsgREITs Property
ei Bin5) 6432 1455 weibinmaybank-kecomsg
S-chipsSmall amp Mid Caps
INDONESIAtarina SETIAWAN Head of Research
2) 21 2557 1125 katarinasetiawanmaybank-kecoidConsumerStrategyTelcos
cky ARIESANDI CFA 2) 21 2557 1127 luckyariesandimaybank-kecoid
Base metalsMining
Oil amp GasWholesalehmi MARINA
2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance
ndu ANUGRAH 2) 21 2557 1137 panduanugrahmaybank-kecoid
AutomotiveHeavy equipmentPlantationToll road
i N WICAKSONO 2) 21 2557 1128 adiwicaksonomaybank-kecoid
Generalistnthony YUNUS 2) 21 2557 1139 anthonyyunusmaybank-kecoid
CementInfrastructureProperty
rwani PRANADJAYA 2) 21 2557 1129 arwanipranadjayamaybank-kecoid
Technicals
PHILIPPINESz LORENZO Head of Research
3) 2 849 8836 luz_lorenzomaybank-atrkecomStrategy
ura DY-LIACCO 3) 2 849 8840 laura_dyliaccomaybank-atrkecom
UtilitiesConglomeratesTelcos
vell SARREAL 3) 2 849 8841 lovell_sarrealmaybank-atrkecom
ConsumerMediaCement
nneth NERECINA 3) 2 849 8839 kenneth_nerecinamaybank-atrkecom
ConglomeratesPropertyPorts Logistics
therine TAN 3) 2 849 8843 kat_tanmaybank-atrkecom
BanksConstruction
mon ADVIENTO
3) 2 849 8845 ramon_advientomaybank-atrke comMining
Sukit UDOMSIRIKU
(66) 2658 6300 extSukitumaybank-
Maria LAPIZ HeadDir (66) 2257 0250 |MariaLmaybank- Consumer Big
Andrew STOTZ Str (66) 2658 6300 extAndrewmaybank-
Mayuree CHOWVIK
(66) 2658 6300 ext Strategy
Suttatip PEERASUB
(66) 2658 6300 ext i Media CommerceSutthichai KUMWO
(66) 2658 6300 ext i i Energy PetrochemTermporn TANTIVI
(66) 2658 6300 ext PropertyWoraphon WIROO
(66) 2658 6300 ext Banking amp FinaJaroonpan WATTA
(66) 2658 6300 ext Transportation Small capChatchai JINDAR(66) 2658 6300 ext i ElectronicsPongrat RATANAT
(66) 2658 6300 ext Services Small
Michael KOKALARI
(84) 838 38 66 47 i l l i StrategyNguyen Thi Ngan(84) 844 55 58 88 x Food and Beve Oil and GasNgo Bich Van(84) 844 55 58 88 x BankingTrinh Thi Ngoc Di(84) 844 55 58 88 x i i Technology Utilities ConstructionDang Thi Kim Tho(84) 844 55 58 88 x ConsumerNguyen Trung Ho+84 844 55 58 88 x Steel Sugar Resources
Page 5 of 8
Biosensors International ICS
THAILANDL Head of Research 5090ecoth
of Institutional Research i | (66) 2658 6300 ext 1399
kecothi Caps
ategist 5091kecoth
RAN 1440 mayureecmaybank-kecoth
1430 suttatippmaybank-kecoth
RACHAI 1400 sutthichaikmaybank-kecoth
AT 1520 termporntmaybank-kecoth
SRI 1560 woraphonwmaybank-kecoth
i i nceNAWONG 1404 jaroonpanwmaybank-kecoth
T1401 chatchaijmaybank-kecoth
VANANANDA 1398 pongratRmaybank-kecoth
i ll Caps
VIETNAM CFA Head of Research
ichaelkokalarimaybank-kimengcomvn
Tuyen8081 tuyennguyenmaybank-kimengcomvnrage
8084 vanngomaybank-kimengcomvn
p8242 dieptrinhmaybank-kimengcomvn
a8083 thoadangmaybank-kimengcomvn
8088 hoanguyenmaybank-kimengcomvn
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
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PROFIT AND LOSS (USD m)
FYE Mar FY2011 FY2012 FY2
Sales 1566 2921
Cost of goods sold (345) (576) (
Gross Profit 1221 2346
Operating expenses (777) (1280) (1
Operating Profit 444 1065 1
Net Interest (51) (38)
Interest Income 01 22
Interest Expense (53) (60)
Net Investment income(loss) 00 00
Net other non-op JV+Assc 193 80 (
Net extraordinaries (94) 2549 (
Pretax profit 491 3656 1
Income taxes (58) (14)
Minority Interest 00 00
Net Profit 433 3643 1
EBITDA 468 1198 1
EPS (US cts) 40 241
Diluted EPS (US cts)39 204
BALANCE SHEET (USD m)
FYE Mar FY2011 FY2012 FY2
Total Assets 4780 12572 1
Current Assets 3293 4296
Cash amp ST investment 2594 3135
Inventories 216 345
Accounts receivable 418 733
Others 65 82
Non-current Assets 1487 8276
LT investments 1159 00
Net PPE 120 430
Others 207 7847
Total Liabilities 995 1396
Current Liabilities 615 1155
Accounts payable 79 207
ST borrowings 00 370
Others 537 577
Long-term liabilities 379 241
Long-term debts 01 00
Convertible notes 00 00
Others 378 240
Shareholders equity 3785 11177 1
Paid-in capital 3461 7133
Reserve 324 4044
Minority Interest 00 00
S ource Company Maybank KE estimates
CASH FLOW (USD m)
13F FY2014F FY2015F FYE Mar FY201
367 3926 4208 Operating cash flow 27
18) (575) (625) Net Profit 43
850 3351 3583 Depreciation amp Amortisation 2
67) (1665) (1767) Change in Working Capital (15
283 1686 1815 Others (2
(17) (84) (77) Investment cash flow (9
42 33 40 Net Capex (2
(59) (117) (117) Net Investments (6
00 00 00 Change in other assets (0
122) (163) (163) Financing cash flow 176
124) (163) (163) Change in share capital 176
143 1439 1575 Dividends paid 0
(01) (76) (83) Net change in debt (0
00 00 00 Change in other LT liab 0
142 1363 1493 Net cash flow 194
415 1963 2139 Free cash flow 25
66 79 86
64 76 84
KEY RATIOS
13F FY2014F FY2015F FYE Mar FY201
917 17342 18869 Growth ( YoY)
312 8555 10355 Sales 34
129 7161 8863 Operating profit 96
312 394 428 EBITDA 86
772 900 964 Net profit 35
100 100 100 EPS 32
605 8788 8514 Profitability ()
00 00 00 Gross margin 78
843 1192 1085 Operating margin 28
761 7596 7430 EBITDA margin 29
316 3378 3413 Net margin 27
689 752 786 ROA 12
199 228 245 ROE 16
00 00 00 Stability
490 524 541 Gross debtequity () 0
627 2627 2627 Net debtequity () (0
401 2401 2401 Int coverage (X) 8
00 00 00 Int amp ST debt coverage (X) 8
226 226 226 Cash flow int coverage (X) 5
601 13964 15457 Cash flow int amp ST debt (X) 5
311 7311 7311 Current ratio (X) 5
291 6653 8146 Quick ratio (X) 5
00 00 00 Net cash(debt) (USD m) (259
Per share data (US cts)
EPS 4
Diluted EPS 3
CFPS 2
BVPS 28
SPS 14
EBITDAshare 4
DPS 0
Page 4 of 8
Biosensors International 1 FY2012 FY2013F FY2014F FY2015F
8 810 1423 1493 1752
3 3643 1142 1363 1493
4 133 132 277 323
8) (281) (14) (180) (81)
1) (2684) 164 34 17
6) (317) (460) (460) (50)
8) (51) (460) (460) (50)
8) (172) 00 00 00
1) (93) (00) 00 00
1 76 2030 00 00
2 77 00 00 00
0 00 00 00 00
1) (00) 2030 00 00
0 00 00 00 00
2 570 2993 1033 1702
0 759 963 1033 1702
1 FY2012 FY2013F FY2014F FY2015F
8 866 153 166 72
3 1402 20 4 314 77
2 1563 18 1 387 90
0 7419 (687) 193 96
0 5050 (725) 191 96
0 803 846 853 852
3 365 381 429 431
9 410 420 500 508
6 1247 339 347 355
3 420 80 82 82
5 487 96 103 101
0 00 02 02 02
7) (02) (03) (03) (04)
4 177 218 144 155
4 25 217 144 155
3 135 242 128 150
3 19 241 127 149
4 37 106 114 132
0 34 102 109 126
3) (2765) (3728) (4760) (6462)
0 241 66 79 86
9 204 64 76 84
6 54 83 86 101
4 649 729 808 895
4 193 195 227 244
3 79 82 114 124
0 00 00 00 00
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 5813 March 2013
REGIONALP K BASU Regional Head Research amp Economics(65) 6432 1821 pkbasumaybank-kecomsg
WONG Chew Hann CA Acting Regional Head of Institutional Research(603) 2297 8686 wchewhmaybank-ibcom
ONG Seng Yeow
Regional Products amp Planning(65) 6432 1453 ongsengyeowmaybank-kecomsg
MALAYSIAWONG Chew Hann CA Head of Research (603) 2297 8686 wchewhmaybank-ibcom Strategy Construction amp InfrastructureDesmond CHrsquoNG ACA(603) 2297 8680 desmondchngmaybank-ibcom Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliawmaybank-ibcom Oil amp Gas Automotive ShippingONG Chee Ting CA(603) 2297 8678 ctongmaybank-ibcom Plantations- Regional Mohshin AZIZ (603) 2297 8692 mohshinazizmaybank-ibcom Aviation PetrochemYIN Shao Yang CPA
(603) 2297 8916 samuelymaybank-ibcom Gaming ndash Regional Media TAN CHI WEI CFA(603) 2297 8690 chiweitmaybank-ibcom Power TelcosWONG Wei Sum CFA(603) 2297 8679 weisummaybank-ibcom Property amp REITsLEE Yen Ling(603) 2297 8691 leeylmaybank-ibcom Building Materials Manufacturing Technology
LEE Cheng Hooi Head of Retail chenghooileemaybank-ibcom Technicals
HONG KONG CHINATodd MARTIN Head of Research (852) 2268 0638 toddmartinkimengcomhk
Banking amp FinanceIvan CHEUNG CFA(852) 2268 0634 ivancheungkimengcomhk HK Property IndustrialJacqueline KO CFA(852) 2268 0633 jacquelinekokimengcomhk ConsumerAndy POON (852) 2268 0645 andypoonkimengcomhk Telecom amp equipmentAlex YEUNG (852) 2268 0636 alexyeungkimengcomhk IndustrialWarren LAU (852) 2268 0644 warrenlaukimengcomhk Technology - Regional Karen KWAN (852) 2268 0640 karenkwankimengcomhk China PropertyJeremy TAN (852) 2268 0635 jeremytankimengcomhk Gaming
INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigarmaybank-kecoin Oil amp Gas Automobile CementAnubhav GUPTA (91) 22 6623 2605 anubhavmaybank-kecoin Metal amp Mining Capital goods PropertyUrmil SHAH (91) 22 6623 2606 urmilmaybank-kecoin Technology MediaVarun VARMA (91) 226623 2611 varunmaybank-kecoin Banking
G(6 W(6 il li Ja(6 Y(6 Al
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K(6 L(6
R(6 P(6 A(6 A(6 A(6
L(6 L(6 l li L(6 l ll l K(6 i K(6 R
(6
983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO
Suhaimi ILIAS Chief Economist Singapore | Malaysia(603) 2297 8682 suhaimi_iliasmaybank-ibcom
Luz LORENZO Philippines | Indonesia(63) 2 849 8836 luz_lorenzomaybank-atrkeco
Tim LEELAHAPHAN
Thailand (662) 658 1420 timlmaybank-kecoth
SINGAPOREregory YAP Head of Research 5) 6432 1450 gyapmaybank-kecomsg
Technology amp ManufacturingTelcos - Regional
ilson LIEW 5) 6432 1454 wilsonliewmaybank-kecomsg
Hotel amp ResortProperty amp Construction
mes KOH 5) 6432 1431 jameskohmaybank-kecomsg
LogisticsResourcesConsumerSmall amp Mid Caps
AK Chee Keong CFA5) 6432 1460 yeakcheekeongmaybank-kecomsg
Offshore amp Marinelison FOK
5) 6432 1447 alisonfokmaybank-kecomsgServicesS-chips
rnard CHIN 5) 6432 1446 bernardchinmaybank-kecomsg
Transport (Land Shipping amp Aviation)G Kian Lin
5) 6432 1470 ongkianlinmaybank-kecomsgREITs Property
ei Bin5) 6432 1455 weibinmaybank-kecomsg
S-chipsSmall amp Mid Caps
INDONESIAtarina SETIAWAN Head of Research
2) 21 2557 1125 katarinasetiawanmaybank-kecoidConsumerStrategyTelcos
cky ARIESANDI CFA 2) 21 2557 1127 luckyariesandimaybank-kecoid
Base metalsMining
Oil amp GasWholesalehmi MARINA
2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance
ndu ANUGRAH 2) 21 2557 1137 panduanugrahmaybank-kecoid
AutomotiveHeavy equipmentPlantationToll road
i N WICAKSONO 2) 21 2557 1128 adiwicaksonomaybank-kecoid
Generalistnthony YUNUS 2) 21 2557 1139 anthonyyunusmaybank-kecoid
CementInfrastructureProperty
rwani PRANADJAYA 2) 21 2557 1129 arwanipranadjayamaybank-kecoid
Technicals
PHILIPPINESz LORENZO Head of Research
3) 2 849 8836 luz_lorenzomaybank-atrkecomStrategy
ura DY-LIACCO 3) 2 849 8840 laura_dyliaccomaybank-atrkecom
UtilitiesConglomeratesTelcos
vell SARREAL 3) 2 849 8841 lovell_sarrealmaybank-atrkecom
ConsumerMediaCement
nneth NERECINA 3) 2 849 8839 kenneth_nerecinamaybank-atrkecom
ConglomeratesPropertyPorts Logistics
therine TAN 3) 2 849 8843 kat_tanmaybank-atrkecom
BanksConstruction
mon ADVIENTO
3) 2 849 8845 ramon_advientomaybank-atrke comMining
Sukit UDOMSIRIKU
(66) 2658 6300 extSukitumaybank-
Maria LAPIZ HeadDir (66) 2257 0250 |MariaLmaybank- Consumer Big
Andrew STOTZ Str (66) 2658 6300 extAndrewmaybank-
Mayuree CHOWVIK
(66) 2658 6300 ext Strategy
Suttatip PEERASUB
(66) 2658 6300 ext i Media CommerceSutthichai KUMWO
(66) 2658 6300 ext i i Energy PetrochemTermporn TANTIVI
(66) 2658 6300 ext PropertyWoraphon WIROO
(66) 2658 6300 ext Banking amp FinaJaroonpan WATTA
(66) 2658 6300 ext Transportation Small capChatchai JINDAR(66) 2658 6300 ext i ElectronicsPongrat RATANAT
(66) 2658 6300 ext Services Small
Michael KOKALARI
(84) 838 38 66 47 i l l i StrategyNguyen Thi Ngan(84) 844 55 58 88 x Food and Beve Oil and GasNgo Bich Van(84) 844 55 58 88 x BankingTrinh Thi Ngoc Di(84) 844 55 58 88 x i i Technology Utilities ConstructionDang Thi Kim Tho(84) 844 55 58 88 x ConsumerNguyen Trung Ho+84 844 55 58 88 x Steel Sugar Resources
Page 5 of 8
Biosensors International ICS
THAILANDL Head of Research 5090ecoth
of Institutional Research i | (66) 2658 6300 ext 1399
kecothi Caps
ategist 5091kecoth
RAN 1440 mayureecmaybank-kecoth
1430 suttatippmaybank-kecoth
RACHAI 1400 sutthichaikmaybank-kecoth
AT 1520 termporntmaybank-kecoth
SRI 1560 woraphonwmaybank-kecoth
i i nceNAWONG 1404 jaroonpanwmaybank-kecoth
T1401 chatchaijmaybank-kecoth
VANANANDA 1398 pongratRmaybank-kecoth
i ll Caps
VIETNAM CFA Head of Research
ichaelkokalarimaybank-kimengcomvn
Tuyen8081 tuyennguyenmaybank-kimengcomvnrage
8084 vanngomaybank-kimengcomvn
p8242 dieptrinhmaybank-kimengcomvn
a8083 thoadangmaybank-kimengcomvn
8088 hoanguyenmaybank-kimengcomvn
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 5813 March 2013
REGIONALP K BASU Regional Head Research amp Economics(65) 6432 1821 pkbasumaybank-kecomsg
WONG Chew Hann CA Acting Regional Head of Institutional Research(603) 2297 8686 wchewhmaybank-ibcom
ONG Seng Yeow
Regional Products amp Planning(65) 6432 1453 ongsengyeowmaybank-kecomsg
MALAYSIAWONG Chew Hann CA Head of Research (603) 2297 8686 wchewhmaybank-ibcom Strategy Construction amp InfrastructureDesmond CHrsquoNG ACA(603) 2297 8680 desmondchngmaybank-ibcom Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliawmaybank-ibcom Oil amp Gas Automotive ShippingONG Chee Ting CA(603) 2297 8678 ctongmaybank-ibcom Plantations- Regional Mohshin AZIZ (603) 2297 8692 mohshinazizmaybank-ibcom Aviation PetrochemYIN Shao Yang CPA
(603) 2297 8916 samuelymaybank-ibcom Gaming ndash Regional Media TAN CHI WEI CFA(603) 2297 8690 chiweitmaybank-ibcom Power TelcosWONG Wei Sum CFA(603) 2297 8679 weisummaybank-ibcom Property amp REITsLEE Yen Ling(603) 2297 8691 leeylmaybank-ibcom Building Materials Manufacturing Technology
LEE Cheng Hooi Head of Retail chenghooileemaybank-ibcom Technicals
HONG KONG CHINATodd MARTIN Head of Research (852) 2268 0638 toddmartinkimengcomhk
Banking amp FinanceIvan CHEUNG CFA(852) 2268 0634 ivancheungkimengcomhk HK Property IndustrialJacqueline KO CFA(852) 2268 0633 jacquelinekokimengcomhk ConsumerAndy POON (852) 2268 0645 andypoonkimengcomhk Telecom amp equipmentAlex YEUNG (852) 2268 0636 alexyeungkimengcomhk IndustrialWarren LAU (852) 2268 0644 warrenlaukimengcomhk Technology - Regional Karen KWAN (852) 2268 0640 karenkwankimengcomhk China PropertyJeremy TAN (852) 2268 0635 jeremytankimengcomhk Gaming
INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigarmaybank-kecoin Oil amp Gas Automobile CementAnubhav GUPTA (91) 22 6623 2605 anubhavmaybank-kecoin Metal amp Mining Capital goods PropertyUrmil SHAH (91) 22 6623 2606 urmilmaybank-kecoin Technology MediaVarun VARMA (91) 226623 2611 varunmaybank-kecoin Banking
G(6 W(6 il li Ja(6 Y(6 Al
(6 B(6 O(6 i li W(6 i i
K(6 L(6
R(6 P(6 A(6 A(6 A(6
L(6 L(6 l li L(6 l ll l K(6 i K(6 R
(6
983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO
Suhaimi ILIAS Chief Economist Singapore | Malaysia(603) 2297 8682 suhaimi_iliasmaybank-ibcom
Luz LORENZO Philippines | Indonesia(63) 2 849 8836 luz_lorenzomaybank-atrkeco
Tim LEELAHAPHAN
Thailand (662) 658 1420 timlmaybank-kecoth
SINGAPOREregory YAP Head of Research 5) 6432 1450 gyapmaybank-kecomsg
Technology amp ManufacturingTelcos - Regional
ilson LIEW 5) 6432 1454 wilsonliewmaybank-kecomsg
Hotel amp ResortProperty amp Construction
mes KOH 5) 6432 1431 jameskohmaybank-kecomsg
LogisticsResourcesConsumerSmall amp Mid Caps
AK Chee Keong CFA5) 6432 1460 yeakcheekeongmaybank-kecomsg
Offshore amp Marinelison FOK
5) 6432 1447 alisonfokmaybank-kecomsgServicesS-chips
rnard CHIN 5) 6432 1446 bernardchinmaybank-kecomsg
Transport (Land Shipping amp Aviation)G Kian Lin
5) 6432 1470 ongkianlinmaybank-kecomsgREITs Property
ei Bin5) 6432 1455 weibinmaybank-kecomsg
S-chipsSmall amp Mid Caps
INDONESIAtarina SETIAWAN Head of Research
2) 21 2557 1125 katarinasetiawanmaybank-kecoidConsumerStrategyTelcos
cky ARIESANDI CFA 2) 21 2557 1127 luckyariesandimaybank-kecoid
Base metalsMining
Oil amp GasWholesalehmi MARINA
2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance
ndu ANUGRAH 2) 21 2557 1137 panduanugrahmaybank-kecoid
AutomotiveHeavy equipmentPlantationToll road
i N WICAKSONO 2) 21 2557 1128 adiwicaksonomaybank-kecoid
Generalistnthony YUNUS 2) 21 2557 1139 anthonyyunusmaybank-kecoid
CementInfrastructureProperty
rwani PRANADJAYA 2) 21 2557 1129 arwanipranadjayamaybank-kecoid
Technicals
PHILIPPINESz LORENZO Head of Research
3) 2 849 8836 luz_lorenzomaybank-atrkecomStrategy
ura DY-LIACCO 3) 2 849 8840 laura_dyliaccomaybank-atrkecom
UtilitiesConglomeratesTelcos
vell SARREAL 3) 2 849 8841 lovell_sarrealmaybank-atrkecom
ConsumerMediaCement
nneth NERECINA 3) 2 849 8839 kenneth_nerecinamaybank-atrkecom
ConglomeratesPropertyPorts Logistics
therine TAN 3) 2 849 8843 kat_tanmaybank-atrkecom
BanksConstruction
mon ADVIENTO
3) 2 849 8845 ramon_advientomaybank-atrke comMining
Sukit UDOMSIRIKU
(66) 2658 6300 extSukitumaybank-
Maria LAPIZ HeadDir (66) 2257 0250 |MariaLmaybank- Consumer Big
Andrew STOTZ Str (66) 2658 6300 extAndrewmaybank-
Mayuree CHOWVIK
(66) 2658 6300 ext Strategy
Suttatip PEERASUB
(66) 2658 6300 ext i Media CommerceSutthichai KUMWO
(66) 2658 6300 ext i i Energy PetrochemTermporn TANTIVI
(66) 2658 6300 ext PropertyWoraphon WIROO
(66) 2658 6300 ext Banking amp FinaJaroonpan WATTA
(66) 2658 6300 ext Transportation Small capChatchai JINDAR(66) 2658 6300 ext i ElectronicsPongrat RATANAT
(66) 2658 6300 ext Services Small
Michael KOKALARI
(84) 838 38 66 47 i l l i StrategyNguyen Thi Ngan(84) 844 55 58 88 x Food and Beve Oil and GasNgo Bich Van(84) 844 55 58 88 x BankingTrinh Thi Ngoc Di(84) 844 55 58 88 x i i Technology Utilities ConstructionDang Thi Kim Tho(84) 844 55 58 88 x ConsumerNguyen Trung Ho+84 844 55 58 88 x Steel Sugar Resources
Page 5 of 8
Biosensors International ICS
THAILANDL Head of Research 5090ecoth
of Institutional Research i | (66) 2658 6300 ext 1399
kecothi Caps
ategist 5091kecoth
RAN 1440 mayureecmaybank-kecoth
1430 suttatippmaybank-kecoth
RACHAI 1400 sutthichaikmaybank-kecoth
AT 1520 termporntmaybank-kecoth
SRI 1560 woraphonwmaybank-kecoth
i i nceNAWONG 1404 jaroonpanwmaybank-kecoth
T1401 chatchaijmaybank-kecoth
VANANANDA 1398 pongratRmaybank-kecoth
i ll Caps
VIETNAM CFA Head of Research
ichaelkokalarimaybank-kimengcomvn
Tuyen8081 tuyennguyenmaybank-kimengcomvnrage
8084 vanngomaybank-kimengcomvn
p8242 dieptrinhmaybank-kimengcomvn
a8083 thoadangmaybank-kimengcomvn
8088 hoanguyenmaybank-kimengcomvn
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 6813 March 2013
APPENDIX I TERMS FOR PROVISION OF R
DISCLAIMERS
This research report is prepared for general circulation aoffer to sell or a solicitation of an offer to buy the securitieach securityrsquos price or value may rise or fall OpiniTechnical ratings may differ from fundamental ratings a
information extracted from the relevant jurisdictionrsquos stinvested Past performance is not necessarily a guide ttake into account the specific investment objectives thshould therefore seek financial legal and other advicerecommended in this report
The information contained herein has been obtained frInvestment Bank Berhad its subsidiary and affil iates (cthis report by MKE and it should not be relied upon a(collectively ldquoRepresentativesrdquo) shall not be liable for areport Any information opinions or recommendations c
This report may contain forward looking statements whldquointendrdquo ldquoplanrdquo ldquoexpectrdquo ldquoforecastrdquo ldquopredictrdquo and ldquoprojachieved and other similar expressions Such forward lsubject to certain risks and uncertainties that could cReaders are cautioned not to place undue relevance onforward looking statements to reflect new information
eventsMKE and its officers directors and employees includingtime to time participate or invest in financing transactiofrom such issuers andor have a position or holding orrelated thereto In addition it may make markets in theact upon or use the information presented herein or theofficers andor employees of MKE may be a director of t
This report is prepared for the use of MKErsquos clients anwhole or in part in any form or manner without the prioractions of third parties in this respect
This report is not directed to or intended for distribution tother jurisdiction where such distribution publication acircumstances as may be permitted by applicable lawinvestors Without prejudice to the foregoing the readlocation of the person or entity receiving this report
MalaysiaOpinions or recommendations contained herein are inratings as technical valuations apply different methodoSecurities Berhad in the equity analysis
Singapore
This report has been produced as of the date hereof aKERPLrdquo) in Singapore has no obligation to update suMaybank KERPL in Singapore in respect of any mattersexpert investor or institutional investor (as defined undercontents of this report with such liability being limited to
Thailand
The disclosure of the survey result of the Thai InstituteOffice of the Securities and Exchange Commission Thand the market for Alternative Investment disclosed tperspective of a third party It is not an evaluation of
Corporate Governance Report of Thai Listed CompaniPublic Company Limited (ldquoMBKETrdquo) does not confirm no
Except as specifically permitted no part of this presentMBKET accepts no liability whatsoever for the actions of
US
This research report prepared by MKE is distributed iSecurities Exchange Act of 1934 as amended) only b(registered under Section 15 of the Securities Exchangthe US shall be borne by Maybank KESUSA All resulUS This report is not directed at you if MKE is prohibitshould satisfy yourself before reading it that Maybanlegislation and regulations
UK
This document is being distributed by Maybank KimServices Authority and is for Informational Purposes onl
Services and Markets Act 2000 within the UK Any incresponsibility for its comments or accuracy and thatconstituting legal accounting or tax advice and that for
EPORT DISCLAIMERS AND DISCLOSURES
nd for information purposes only and under no circumstances shies referred to herein Investors should note that values of such sns or recommendations contained herein are in form of techs technical valuations apply different methodologies and are pur
ck exchange in the equity analysis Accordingly investorsrsquo retuo future performance This report is not intended to provide perfinancial situation and the particular needs of persons who ma
regarding the appropriateness of investing in any securities or t
m sources believed to be reliable but such sources have not bllectively ldquoMKErdquo) and consequently no representation is madesuch Accordingly MKE and its officers directors associates
ny direct indirect or consequential losses or damages that mantained herein are subject to change at any time without prior n
ich are often but not always identified by the use of words succtrdquo and statements that an event or result ldquomayrdquo ldquowillrdquo ldquocanrdquo ldquoooking statements are based on assumptions made and informuse the actual results to differ materially from those expressthese forward-looking statements MKE expressly disclaims anyvents or circumstances after the date of this publication or to
persons involved in the preparation or issuance of this report mns with the issuer(s) of the securities mentioned in this reportother material interest or effect transactions in such securities osecurities mentioned in the material presented in this report Mresearch or analysis on which they are based before the materi
he issuers of the securities mentioned in this report
may not be reproduced altered in any way transmitted to coxpress written consent of MKE and MKE and its Representative
o or use by any person or entity who is a citizen or resident of orvailability or use would be contrary to law or regulation This re
he securities described herein may not be eligible for sale in allr is to note that additional disclaimers warnings or qualificati
the form of technical ratings and fundamental ratings Techniclogies and are purely based on price and volume-related infor
d the information herein may be subject to change Maybankh information for any recipient For distribution in Singaporearising from or in connection with this report If the recipient of tSection 4A of the Singapore Securities and Futures Act) Maybathe extent (if any) as permitted by law
of Directors Association (ldquoIODrdquo) regarding corporate governancsurvey of the IOD is based on the information of a company listthe public and able to be accessed by a general public inveperation and is not based on inside informationThe survey re
es As a result the survey may be changed after that date Mr certify the accuracy of such survey result
ation may be reproduced or distributed in any manner without tthird parties in this respect
in the United States (ldquoUSrdquo) to Major US Institutional Investorsy Maybank Kim Eng Securities USA Inc (ldquoMaybank KESUSArdquo)
Act of 1934 as amended) All responsibility for the distributioning transactions by a US person or entity should be effected thed or restricted by any legislation or regulation in any jurisdictio
KESUSA is permitted to provide research material concerni
ng Securities (London) Ltd (ldquoMaybank KESLrdquo) which is auth This document is not intended for distribution to anyone define
lusion of a third party link is for the recipients convenience onlaccess to such links is at the individuals own risk Nothing iccurate guidance recipients should consult with their own indep
Page 6 of 8
Biosensors International
ould it be considered or intended as anecurities if any may fluctuate and thatical ratings and fundamental ratings
ely based on price and volume-related
rns may be less than the original sumsonal investment advice and does noty receive or read this report Investorshe investment strategies discussed or
en independently verified by Maybankas to the accuracy or completeness of connected parties andor employees
arise from the use or reliance of thistice
h as ldquoanticipaterdquo ldquobelieverdquo ldquoestimaterdquohouldrdquo ldquocouldrdquo or ldquomightrdquo occur or be
ation currently available to us and ared in any forward looking statementsobligation to update or revise any sucheflect the occurrence of unanticipated
ay to the extent permitted by law fromerform services for or solicit business
r options thereon or other investmentsE may to the extent permitted by lawl is published One or more directors
ied or distributed to any other party inaccepts no liability whatsoever for the
located in any locality state country orport is for distribution only under such jurisdictions or to certain categories ofns may apply based on geographical
l ratings may differ from fundamentalmation extracted from Bursa Malaysia
im Eng Research Pte Ltd (ldquoMaybankecipients of this report are to contacthis report is not an accredited investornk KERPL shall be legally liable for the
is made pursuant to the policy of theed on the Stock Exchange of Thailandtor The result therefore is from theult is as of the date appearing in the
aybank Kim Eng Securities (Thailand)
he prior written permission of MBKET
(as defined in Rule 15a-6 under the a broker-dealer registered in the USof this report by Maybank KESUSA inough a registered broker-dealer in then from making it available to you Youg investments to you under relevant
rized and regulated by the Financiald as a Retail Client under the Financial
and that the firm does not take anythis report should be considered asndent tax advisers
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 7813 March 2013
DISCLOSURES
Legal Entities Disclosures
Malaysia This report is issued and distributed in MalMalaysia Berhad and a holder of Capital Markets andand distributed in Singapore by Maybank KERPL (CoEng Securities (ldquoPTKESrdquo) (Reg No KEP-251PM199MBKET (Reg No0107545000314) is a member of thExchange Commission Philippines Maybank ATRKESecurities and Exchange Commission Vietnam MayCommission of VietnamHong Kong KESHK (CentralIndia Private Limited (ldquoKESIrdquo) is a participant of the Nati(Reg No INFINB 011452431) and is regulated by Sec(Reg No INM 000011708) US Maybank KESUSA is(Reg No 2377538) is authorized and regulated by the Fi
Disclosure of Interest
Malaysia MKE and its Representatives may from timeas market maker or may have assumed an underwritingservices advisory and other services for or relating to th
SingaporeAs of 13 March 2013 Maybank KERPL and
Thailand MBKET may have a business relationship wresearch report Therefore Investors should exercise thparties andor employees may from time to time have int
Hong Kong KESHK may have financial interests in rel165(a) of the Hong Kong Code of Conduct for Persons
As of 13 March 2013 KESHK and the authoring analyst
MKE may have within the last three years served asissues of any or all of the entities mentioned in this repservices in relation to the investment concerned or a relin this report
OTHERS
Analyst Certification of Independence
The views expressed in this research report accuratelythe research analystrsquos compensation was is or will be d
Reminder
Structured securities are complex instruments typically
of understanding and assuming the risks involved Thefactors (including but not limited to spot and forward intissuer or reference issuer Any investor interested in pprofessional advisers as to the risks involved in making
No part of this material may be copied photocopied
Ong Seng Yeow | Executive Director Maybank Kim Eng Re
Definition of Ratings
Maybank Kim Eng Research uses the following rating
BUY Return is expected to be above 10 in
HOLD Return is expected to be between - 10
SELL Return is expected to be below -10 in
Applicability of Ratings
The respective analyst maintains a coverage unive
applicable to the stocks which form part of the covera
as we do not actively follow developments in these c
Some common terms abbreviated in this
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted CashflowDPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
ysia by Maybank Investment Bank Berhad (15938-H) which iservices License issued by the Securities Commission in MalaysReg No 197201256N) which is regulated by the Monetary Auth) is a member of the Indonesia Stock Exchange and is regul
e Stock Exchange of Thailand and is regulated by the MinistS (Reg No01-2004-00019) is a member of the Philippines Stank Kim Eng Securities JSC (License Number 71UBCK-GP)Entity No AAD284) is regulated by the Securities and Futuresonal Stock Exchange of India Limited (Reg No INFINB 231452urities and Exchange Board of India KESI is also registered with
member of and is authorized and regulated by the FINRA ndashnancial Services Authority
to time have positions or be materially interested in the securitiecommitment or deal with such securities and may also perform
ose companies
the covering analyst do not have any interest in any companies
ith or may possibly be an issuer of derivative warrants on the sir own judgment before making any investment decisions MBK
erests andor underwriting commitments in the securities mentio
tion to an issuer or a new listing applicant referred to as defineLicensed by or Registered with the Securities and Futures Comm
do not have any interest in any companies recommended in this
anager or co-manager of a public offering of securities for or crt or may be providing or have provided within the previous 12
lated investment and may receive compensation for the services
reflect the analystrsquos personal views about any and all of the subjirectly or indirectly related to the specific recommendations or vi
involve a high degree of risk and are intended for sale only to s
market value of any structured security may be affected by chanerest and exchange rates) time to maturity market conditions archasing a structured product should conduct its own analysisuch a purchase
or duplicated in any form by any means or redistributed wit
earch
system
the next 12 months (excluding dividends)
to +10 in the next 12 months (excluding dividends)
the next 12 months (excluding dividends)
rse of stocks the list of which may be adjusted according to
ge universe Reports on companies which are not part of the cov
mpanies
eport (where they appear)
FCF = Free Cashflow PE = Price Earnings
FV = Fair Value PEG = PE Ratio To Gr
FY = Financial Year PER = PE Ratio
FYE = Financial Year End QoQ = Quarter-On-Qu
MoM = Month-On-Month ROA = Return On Ass
NAV = Net Asset Value ROE = Return On EquiNTA = Net Tangib le Asset ROSF = Return On Sh l
P = Price WACC = Weighted Av i l
PA = Per Annum YoY = Year-On-Year
PAT = Profit After Tax YTD = Year-To-Date
PBT = Profit Before Tax
Page 7 of 8
Biosensors International
a Participating Organization of Bursaia Singapore This material is issuedrity of Singapore Indonesia PT Kimted by the BAPEPAM LK Thailand
ry of Finance and the Securities andck Exchange and is regulated by theis licensed under the State Securitiesommission India Kim Eng Securities35) and the Bombay Stock ExchangeSEBI as Category 1 Merchant Banker
Broker ID 27861 UK Maybank KESL
referred to herein and may further actor seek to perform investment banking
ecommended in this research report
ecurities companies mentioned in theT its associates directors connecteded in this report
by the requirements under Paragraphission
research report
urrently may make a primary market inonths significant advice or investmentprovided from the companies covered
ct securities or issuers and no part ofws expressed in the report
phisticated investors who are capable
ges in economic financial and politicald volatility and the credit quality of anyf the product and consult with its own
out the prior consent of MKE
needs Investment ratings are only
erage do not carry investment ratings
i wth
rter
t
ityreholdersrsquo Funds
i rage Cost Of Cap ita l
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom
8222019 2013-3-13 Kim Eng Biosensors
httpslidepdfcomreaderfull2013-3-13-kim-eng-biosensors 8813 March 2013
Malaysia
Maybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor Menara Maybank
100 Jalan Tun Perak50050 Kuala LumpurTel (603) 2059 1888Fax (603) 2078 4194
Singa
MaybaMayba9 Tema39-00
Singap
Tel (65Fax (6
Stockbroking BusinessLevel 8 Tower C Dataran MaybankNo1 Jalan Maarof59000 Kuala LumpurTel (603) 2297 8888Fax (603) 2282 5136
Hong
Kim EnLevel 3Three P1 QueeHong K Tel (85Fax (8
Philippines
Maybank ATR Kim Eng SecuritiesInc 17F Tower One amp Exchange PlazaAyala Triangle Ayala AvenueMakati City Philippines 1200
Tel (63) 2 849 8888Fax (63) 2 848 5738
Thaila
Mayba(ThailaLimited9999 T20th - 21Rama 1Bangko
Tel (66Tel (66
South Asia Sales Trading
Kevin Foykevinfoymaybank-kecomsgTel (65) 6336-5157US Toll Free 1-866-406-7447
North
Eddie LeddielaTel (85US Toll
pore
k Kim Eng Securities Pte Ltd k Kim Eng Research Pte Ltd
sek BoulevardSuntec Tower 2
re 038989
) 6336 9090) 6339 6003
London
Maybank Kim Eng Securities(London) Ltd 6F 20 St Dunstanrsquos HillLondon EC3R 8HY UK
Tel (44) 20 7621 9298Dealersrsquo Tel (44) 20 7626 2828Fax (44) 20 7283 6674
Kong
g Securities (HK) Ltd acific Placenrsquos Road East
ng
2) 2268 08002) 2877 0104
Indonesia
PT Kim Eng Securities Plaza BapindoCitibank Tower 17th FloorJl Jend Sudirman Kav 54-55Jakarta 12190 Indonesia
Tel (62) 21 2557 1188Fax (62) 21 2557 1189
nd
k Kim Eng Securitiesd) Public Company
he Offices at Central Worldst FloorRoad Pathumwan
k 10330 Thailand
) 2 658 6817 (sales)) 2 658 6801 (research)
Vietnam
In association withMaybank Kim Eng Securities JSC1st Floor 255 Tran Hung Dao StDistrict 1Ho Chi Minh City Vietnam
Tel (84) 844 555 888Fax (84) 838 38 66 39
Asia Sales Trading
AUkimengcomhk
2) 2268 0800Free 1 866 598 2267
wwwmaybank-keco
Page 8 of 8
Biosensors International
New York
Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue 21st FloorNew York NY 10017 USA
Tel (212) 688 8886Fax (212) 688 3500
India
Kim Eng Securities India Pvt Ltd2nd Floor The International 16Maharishi Karve RoadChurchgate StationMumbai City - 400 020 India
Tel (91)2266232600Fax (91)2266232604
Saudi Arabia
In association withAnfaal CapitalVilla 47 Tujjar JeddahPrince Mohammed bin AbdulazizStreet PO Box 126575Jeddah 21352
Tel (966) 2 6068686Fax (966) 26068787
| wwwmaybank-keresearchcom