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国浩资本：中远国际(0517.HK)最近的回调已过度

Guohao Capital: COSCO International (0517.HK)'s recent pullback has gone too far

國浩資本 ·  Oct 7, 2011 16:12  · Researches

Guohao Capital maintained the purchase rating of COSCO International Holdings (0517.HK), with a target price of HK$3.82.

Guohao Capital believes that the recent pullback of COSCO International Holdings has gone too far. The stock fell 22.2% in the past month, outperforming the market (the Hang Seng Index fell 10.8%).

Guohao Capital said that the current price of the stock is 30.6% off its net cash value per share, and the valuation is absolutely low. Guohao Capital believes that when market sentiment and visibility of mergers and acquisitions activities improve, these discounts will narrow.

The stock rose 2.3% yesterday to close at HK$2.65.

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