Biosensors: Chairman Lu Yoh Chie allays fears over his and his affiliates recent sale of their 18.2% stake to Hony Capital; says he has no intention of relinquishing his role in the co. Notes Hony was co's most genuine and persistent pursuer, and most well-suited to take over control given its deep pockets and extensive knowledge about the pharmaceutical industry. Nomura notes Hony has invested in at least 3 similar biotech cos in China...
We note that the Fidelity funds recently increased its aggregate stake to 5.4% from 4.8% via open market purchases.
Stock trades at 23.9x fwd PE. Nomura and DBS both retained their Buy calls with same $1.20 target.
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