Centraland: Thinly traded counter, could see some interests today after Private Equity Grp Warbug Pincus invested $128m in 2 of grp’s China mall projects, taking 31.7% stake in both projects, which both co. will jointly develop & manage. Tie up gives Warburg Pincus option to invest additional $128m in projects within 30 mths…..
Investment is expected to substantially boost the Chinese property developer fin. position, who has a cash hoard worth $104m. Both parties are also in talks for a 2nd investment by Warburg Pincus in an existing wholesale mall for automobile parts and building materials.…
Initial resistance tipped at $0.50 and 52 week high of $0.55. We note however that valuations for the counter appears rich, currently trading at 3.1X PB vs Debao Property of 1.1X & ChinaNTown at 1.2X.
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