Sinomem: Grp announced that it is seeking Catalist listing for its subsidiary, China Green Innovation, which produces pine-based products. Unit's production facility and ops are located in Wuping County in China, where one of its key raw materials, pine oleoresin, is commonly found....
Proceeds from the listing, which is subject to regulatory approval, would come in handy as Sinomem bids for more projects in China and seeks opportunities in India, where it recently formed a water treatment JV. Grp’s cash on hand was at $41.1m in Sept. CIMB has been hired as the sponsor but the time frame for the exercise is not disclosed….
Recall that Sinomem announced recent 3Q Net Profit, which doubled to $10.2m YoY on back of higher sales across all of its business segments. At current price, grp trades at undemanding valuations of 7.2x FY10E PE, vs the average of its larger peers who trades at 17x. Imemdiate resistance tipped at $0.50.
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