Developments in Cyprus last week dealt a blow to the improving confidence that the Eurozone debt crisis is on the mend. However, investors are not panicking about another contagion. Bond yields of key Eurozone countries stayed suppressed. Latest out of Cyprus is that they have reached a deal with the Troika, pending approval by the Eurozone ministers. Euro's on the rebound, so are Asian bourses this morning.

We initiate coverage on OSIM with a BUY recommendation, for 18% upside to S$2.25 TP. We believe OSIM is no longer the entity it was before the write-off of Brookstone in FY08. Quarterly results from 1Q09 to 4Q12 have shown that earnings growth has been sustainable. OSIM is now a stronger entity and better positioned for further growth. China and product innovation are expected to drive the 16% earnings growth CAGR from FY12-FY14F that we are forecasting. OSIM is a beneficiary of the rising middle class population in China, with 56% of revenues originating from North Asia. Rising disposable income, a strong Rmb and increasing availability of credit will encourage Chinese consumers to spend more. OSIM now creates demand by innovating new products to target new market segments.

Yoma Strategic has set up a new joint venture (JV) with First Myanmar Investment (FMI), a unit of Serge Pun & Associates (Myanmar) which is held by Yoma's executive chairman, Serge Pun. The JV company, YSH Finance, was incorporated in the British Virgin Islands to hold Yoma's and FMI's joint investments in new investment opportunities in Myanmar. The JV will be 80% owned by Yoma, with the remaining 20% held by FMI. Yoma added that its current investment in the JV entity is less than 3% of its latest consolidated audited net tangible assets.

Mencast Holdings has revised the 1-for-1 bonus issue proposed on 26 Feb 2013 to be on the basis of 1 Bonus Share for every 4 existing shares held.

Source: DBSV