China Overseas +2.9%; Spinoff Positive – BOCI

China Overseas +2.9%; Spinoff Positive – BOCI

0 1822

China Overseas (0688.HK) +2.9% at HK$1.42 on plan to sell construction business, which will then seek separate listing. BOCI positive on move, says spinoff “will streamline China Overseas’ operations and allow it to focus on the more profitable property business”; keeps outperform call on stock as it trading at 51% discount to NAV of HK$2.79/share. Still, stock’s further upside in short term likely limited due to caution toward China property shares; immediate resistance at 10-day moving average at HK$1.46.(RLI)

Source: newratings

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