3.12 % im Minus
Quelle: www.finet.com
DAO Heng Securities
China Online (0383) BUY
$0.32
In contrast to PCCW's (+6.15%) recent outperformance, China Online's (COL) shares closed unchanged yesterday. Despite the recent disposal of 9.7mn PCCW shares, COL still has 190mn shares outstanding. Based on PCCW's closing price yesterday, we estimate the stake is worth $4.45bn or $0.48 per share. We reckon COL's stake in PCCW is therefore worth 50% more than its closing share price of $0.32.
If COL's other assets comprising an estimated $680mn in cash, a 10.5% stake in listed SHK&CO, the PRC handset distribution JV in China and the Nokia handset agency in Hong Kong are taken into account, COL appears to be hugely undervalued by the market.
Quelle: www.finet.com
DAO Heng Securities
China Online (0383) BUY
$0.32
In contrast to PCCW's (+6.15%) recent outperformance, China Online's (COL) shares closed unchanged yesterday. Despite the recent disposal of 9.7mn PCCW shares, COL still has 190mn shares outstanding. Based on PCCW's closing price yesterday, we estimate the stake is worth $4.45bn or $0.48 per share. We reckon COL's stake in PCCW is therefore worth 50% more than its closing share price of $0.32.
If COL's other assets comprising an estimated $680mn in cash, a 10.5% stake in listed SHK&CO, the PRC handset distribution JV in China and the Nokia handset agency in Hong Kong are taken into account, COL appears to be hugely undervalued by the market.
