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


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



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



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)


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


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


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



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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

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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

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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

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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

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2) 21 2557 1128 rahmimarinamaybank-kecoidBankingMultifinance

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Technicals

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(66) 2658 6300 ext Strategy

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(66) 2658 6300 ext Services Small

Michael KOKALARI

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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

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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



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


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



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)


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


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



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


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



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























Source Bloomberg




















Average

Page 3 of 8


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





Sales 1566 2921















EBITDA 468 1198 1

EPS (US cts) 40 241







Inventories 216 345


Others 65 82



Net PPE 120 430

Others 207 7847





Others 537 577




Others 378 240



Reserve 324 4044



CASH FLOW (USD m)



18) (575) (625) Net Profit 43



283 1686 1815 Others (2


42 33 40 Net Capex (2








142 1363 1493 Net cash flow 194

415 1963 2139 Free cash flow 25

66 79 86

64 76 84

KEY RATIOS


917 17342 18869 Growth ( YoY)

312 8555 10355 Sales 34


312 394 428 EBITDA 86

772 900 964 Net profit 35

100 100 100 EPS 32





316 3378 3413 Net margin 27

689 752 786 ROA 12

199 228 245 ROE 16

00 00 00 Stability


627 2627 2627 Net debtequity () (0

401 2401 2401 Int coverage (X) 8




311 7311 7311 Current ratio (X) 5

291 6653 8146 Quick ratio (X) 5



EPS 4

Diluted EPS 3

CFPS 2

BVPS 28

SPS 14

EBITDAshare 4

DPS 0

Page 4 of 8


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





ONG Seng Yeow









(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


(6

983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO



Tim LEELAHAPHAN



















Base metalsMining









Technicals






ConsumerMediaCement




BanksConstruction

mon ADVIENTO


Sukit UDOMSIRIKU




Mayuree CHOWVIK


Suttatip PEERASUB







Michael KOKALARI


Page 5 of 8




kecothi Caps

ategist 5091kecoth









i ll Caps











DISCLAIMERS









Singapore


Thailand




US


UK

























Page 6 of 8























DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787
























Source Bloomberg




















Average

Page 3 of 8


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





Sales 1566 2921















EBITDA 468 1198 1

EPS (US cts) 40 241







Inventories 216 345


Others 65 82



Net PPE 120 430

Others 207 7847





Others 537 577




Others 378 240



Reserve 324 4044



CASH FLOW (USD m)



18) (575) (625) Net Profit 43



283 1686 1815 Others (2


42 33 40 Net Capex (2








142 1363 1493 Net cash flow 194

415 1963 2139 Free cash flow 25

66 79 86

64 76 84

KEY RATIOS


917 17342 18869 Growth ( YoY)

312 8555 10355 Sales 34


312 394 428 EBITDA 86

772 900 964 Net profit 35

100 100 100 EPS 32





316 3378 3413 Net margin 27

689 752 786 ROA 12

199 228 245 ROE 16

00 00 00 Stability


627 2627 2627 Net debtequity () (0

401 2401 2401 Int coverage (X) 8




311 7311 7311 Current ratio (X) 5

291 6653 8146 Quick ratio (X) 5



EPS 4

Diluted EPS 3

CFPS 2

BVPS 28

SPS 14

EBITDAshare 4

DPS 0

Page 4 of 8


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





ONG Seng Yeow









(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


(6

983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO



Tim LEELAHAPHAN



















Base metalsMining









Technicals






ConsumerMediaCement




BanksConstruction

mon ADVIENTO


Sukit UDOMSIRIKU




Mayuree CHOWVIK


Suttatip PEERASUB







Michael KOKALARI


Page 5 of 8




kecothi Caps

ategist 5091kecoth









i ll Caps











DISCLAIMERS









Singapore


Thailand




US


UK

























Page 6 of 8























DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787






Sales 1566 2921















EBITDA 468 1198 1

EPS (US cts) 40 241







Inventories 216 345


Others 65 82



Net PPE 120 430

Others 207 7847





Others 537 577




Others 378 240



Reserve 324 4044



CASH FLOW (USD m)



18) (575) (625) Net Profit 43



283 1686 1815 Others (2


42 33 40 Net Capex (2








142 1363 1493 Net cash flow 194

415 1963 2139 Free cash flow 25

66 79 86

64 76 84

KEY RATIOS


917 17342 18869 Growth ( YoY)

312 8555 10355 Sales 34


312 394 428 EBITDA 86

772 900 964 Net profit 35

100 100 100 EPS 32





316 3378 3413 Net margin 27

689 752 786 ROA 12

199 228 245 ROE 16

00 00 00 Stability


627 2627 2627 Net debtequity () (0

401 2401 2401 Int coverage (X) 8




311 7311 7311 Current ratio (X) 5

291 6653 8146 Quick ratio (X) 5



EPS 4

Diluted EPS 3

CFPS 2

BVPS 28

SPS 14

EBITDAshare 4

DPS 0

Page 4 of 8


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





ONG Seng Yeow









(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


(6

983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO



Tim LEELAHAPHAN



















Base metalsMining









Technicals






ConsumerMediaCement




BanksConstruction

mon ADVIENTO


Sukit UDOMSIRIKU




Mayuree CHOWVIK


Suttatip PEERASUB







Michael KOKALARI


Page 5 of 8




kecothi Caps

ategist 5091kecoth









i ll Caps











DISCLAIMERS









Singapore


Thailand




US


UK

























Page 6 of 8























DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787






ONG Seng Yeow









(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


(6

983122983109983123983109983105983122983107983112 983119983110983110983113983107983109983123 ECONO



Tim LEELAHAPHAN



















Base metalsMining









Technicals






ConsumerMediaCement




BanksConstruction

mon ADVIENTO


Sukit UDOMSIRIKU




Mayuree CHOWVIK


Suttatip PEERASUB







Michael KOKALARI


Page 5 of 8




kecothi Caps

ategist 5091kecoth









i ll Caps











DISCLAIMERS









Singapore


Thailand




US


UK

























Page 6 of 8























DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787





DISCLAIMERS









Singapore


Thailand




US


UK

























Page 6 of 8























DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787




DISCLOSURES










OTHERS



Reminder
















BV = Book Value



CY = Calendar Year










ose companies












earch

system






mpanies












Page 7 of 8









research report








i wth

rter

t





Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787




Malaysia



Singa


Singap

Tel (65Fax (6


Hong


Philippines


Tel (63) 2 849 8888Fax (63) 2 848 5738

Thaila


Tel (66Tel (66



North


pore



re 038989

) 6336 9090) 6339 6003

London



Kong


ng

2) 2268 08002) 2877 0104

Indonesia


Tel (62) 21 2557 1188Fax (62) 21 2557 1189

nd



k 10330 Thailand

) 2 658 6817 (sales)) 2 658 6801 (research)

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


New York


Tel (212) 688 8886Fax (212) 688 3500

India


Tel (91)2266232600Fax (91)2266232604

Saudi Arabia


Tel (966) 2 6068686Fax (966) 26068787


Documents

2013-3-13 Kim Eng Biosensors