Dukang: Update on TDR issue. Co has entered into underwriting agreemetn with Polaris Securities. The price per TDR will be NT$18.65 (approx S$0.8008 per TDR). This is a disc of 2.5% to price $0.8213 which was the weighted avg price on day agr was signed...
Gross proceeds of NT$1.2b (approx S$52.1m) are expected from issue of 65m New Shares. Dukang recently posted strong 2Q results with a 70.9% increase yoy in net profit, approx Rmb60.8m. Co’s current quarter earnings if annualized, trades at approx 11.9x P/E.
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