KUALA LUMPUR: China Ouhua Winery Holdings Ltd made a firm debut on Bursa Malaysia on Wednesday, Nov 3.
At 9.02am, it was up seven sen to 67 sen. There were 9.34 million shares transacted.
The FBM KLCI was up 0.79 of a point to 1,507.36. Turnover was 40.12 million shares done valued at RM25.23 million. There were 93 gainers, 26 losers and 91 stocks unchanged.
China Ouhua is the first non-shoe manufacturer to list on Bursa. With offer price at 60 sen per share, it will trade at forward price-to-earnings of 6.1 times. Ouhua covers the entire value chain in the wine industry from the production to the sales and distribution of wine products to 13 key master distributors in China's coastline provinces in China.
RHB Research Institute has accorded a fair value of 69 sen for China Ouhua.
'We have derived a fair value of 69 sen share after applying an FY11 target of 6x PER, which is between the weighted average FY11 PER of Malaysian F&B companies with similar market capitalisation and the weighted average FY11 PER of three out of four Chinese shoemakers,' it said.
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At 9.02am, it was up seven sen to 67 sen. There were 9.34 million shares transacted.
The FBM KLCI was up 0.79 of a point to 1,507.36. Turnover was 40.12 million shares done valued at RM25.23 million. There were 93 gainers, 26 losers and 91 stocks unchanged.
China Ouhua is the first non-shoe manufacturer to list on Bursa. With offer price at 60 sen per share, it will trade at forward price-to-earnings of 6.1 times. Ouhua covers the entire value chain in the wine industry from the production to the sales and distribution of wine products to 13 key master distributors in China's coastline provinces in China.
RHB Research Institute has accorded a fair value of 69 sen for China Ouhua.
'We have derived a fair value of 69 sen share after applying an FY11 target of 6x PER, which is between the weighted average FY11 PER of Malaysian F&B companies with similar market capitalisation and the weighted average FY11 PER of three out of four Chinese shoemakers,' it said.
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