Cordlife: (S$1.09) Crucial 2½-week period
Cordlife's EGM is in 2½ weeks' time on 14 Sep, for the group to get shareholders' approval on its proposed stake disposal in China Cord Blood Corp (CCBC) to Golden Meditech (GM).
To recap, Cordlife is in an advatangeous position given its 13.4% stake in CCBC, the target amid a three-way bidding war which started in Apr this year.
Kindly refer to previous articles in Market Insight for more details.
Maybank-KE previously cited the possibility of a takeover offer for Cordlife, by virtue that it could be a cheaper backdoor entry into CCBC, especially if the competitive bidding for the company spirals further.
In such a case, Maybank-KE’s target valuation for Cordlife is above $1.62/share.
The house currently has a Buy call on Cordlife with SOTP-based TP of $1.56.
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