Biosensors

Biosensors: Demand for the Company's $300m 4.875% fixed rate note due 2017 under the $800m Multicurrency MTN Programme (set up 4 Jan 2013), was 8x oversubscribed. The issuing which was done 14 Jan 2013 drew great interest, closing with Order book >$1.7b within 2 days. Previously CS noted that the MTN Programme may indicate that Biosensors may announce an acquisition soon with the ammunition of a potential S$800 mn, as the Company has more than sufficient cash on its balance sheet for its FY13 operations. CS has an OUTPERFORM call on the company with a TP of $1.80. Note also that Biosensors may benefit from China's push in the biomedical sector.