Marco Polo: Could see some interests, after Co. announced that it has submitted its application to the TSE for the offering and listing of TDRs. Co. will offer up to 51.19m shares for the TDR listing. Of these, 26.19m are from its shareholders, leaving 25m new shares to be issued. Proposal will be subjected to the approval of the Taiwan Financial Supervisory Commission….
Co. also added that it will adopt a div policy shortly after it announced plans to list its TDRs and will be distributing an annual cash div of at least 3% of annual net profits. At current price, Co. trades at 6.9x FY11 P/E vs peers simple average of 10x and historical average of 8.7x.
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