Midas: HK dual listing update. Maximum Offer Price to be HK$6.10 (~S$1.05), with final pricing determined on or about 28 Sep. Given that “Offer Price will not be at a discount of >10% to current price in Singapore”, this places a near term share pricing ceiling of $1.16 on the stock. Shares expected to start trading 6 Oct...
KE maintains Buy with $1.20 target, but notes stock now trading at similar valuation to HK peers (Midas’ 19x FY11E PE vs peer avg 19.6x FY11E PE), accounting of 20.5% dilution arising from new share issue.
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