Shares of massage chair maker OSIM International <OSIL.SI> rose as much as 3.7% on Thursday after DMG & Partners raised its target price to $1.57 from $1.32 and maintained its “buy” rating.

At 0319 GMT, OSIM shares were trading at $1.13 on a volume of 6 million shares.

 

“DMG has a ’buy’ call on it and it recently reported strong results. Its expansion plans are also on track so its business seems to be doing well,” said a local trader.

 

DMG has raised its earnings estimates for OSIM’s 2010-2012 financial years by 20-24% to take into account higher margins arising from a better product mix, economies of scale and improved profitability in the firm’s GNC Australia outlets.