Thursday, January 3, 2013
China Merchants
China Merchants: DBSV maintains Buy and raises TP to $1.20. House note that grp is buying 48.1km Jiurui E’way for Rmb675m. Consideration includes disposal of NZ property business and issue of 72.7m new shares at $0.84 to the sellers of Jiurui E’way. Transaction will a) lengthen CMHP’s average concession period b) streamline its focus to expressways only and c) improve liquidity
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