Sino Grandness

Sino Grandness: UOBK had a note out today, maintain Buy with lower TP of $1.02, but says various scenarios still show share price upside of 57% to 123%. The house assumes Garden Fresh's listing will go through in 2014 at 16x P/E. Believes Sino Grandness valuation at 3.9x FY14e P/E is a huge discount to HK peers avg of 25.4x