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China Online (0383) BUY
$0.32 Target: $0.54
The recent disposal of 9.7mn shares in PCCW has netted China Online around $197mn. The directors said the company might consider further disposals in the future to finance its investment plans. Given yesterday's sharp rice in PCCW's share price, China Online's remaining stake of 190.3mn shares is worth $4bn. On a break up basis, we estimate China Online is worth $0.54. This mainly reflects the 30% rise in PCCW's share price since 24 January when we issued a Buy recommendation on China Online. We consider that the shares are still worth accumulating and remain Buyers
