Technics Oil & Gas

Technics Oil & Gas announced its intention to offer and list TDRs on the Taiwan Stock Exchange. According to mgtm, the listing will benefit the co as it can give ready access to different equity mkts while widening the investor base of the Co and increase the liquidity of the shares. However, we note that proposed TDR Issue is still subjected to the approvals of the relevant government and regulatory authorities in Taiwan. The stock currently trades at about 11-12x forward PER.