Here's how OSIM will benefit from China's rising middle class population

56% of its revenues come from North Asia.

According to DBS, OSIM is a beneficiary of the rising middle class population in China, with 56% of revenues originating from North Asia.

Here's more from DBS:

Rising disposable income, a strong Rmb and increasing availability of credit will encourage Chinese consumers to spend more. OSIM currently has 435 stores in North Asia including 278 stores in China. We project 473 stores in North Asia by FY14F, or 20 store openings a year.

Product innovation drives growth. OSIM now creates demand by innovating new products to target new market segments. OSIM has better control over its technology with tighter IP protection.

Other than massage chairs, its range of small products help to supplement growth. OSIM produces massage chairs of various sizes for customers to suit small and larger space requirements, as well as foot, head and waist massagers for specific customer segments.

We project FY12-FY14F earnings to grow at CAGR of 16%, driven by China and product innovation.

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