Dukang

Dukang: The Deemed interests of Fidelity in baijiu producer Dukang Distillers has been raised further to 55.6m shares, or 6.97% of the Singapore-listed company. Fidelity first emerged as a substantial shareholder in Sept13 with a deemed interest of just over 5%. Its Dukang shares are worth $26.m based on the recent market price of 47.5c a share. The PE ratio of 4.9X is low, given the anxiety that Singapore investors, in particular, feel about S-chips and their corporate governance and accounting fidelity. Dukang Distillers is among a handful of Singapore-listed stocks that Fidelity has recently emerged with a deemed interest exceeding 5%. The others include ASL Marine and Sino Grandness.