by winston » Mon Jun 14, 2010 12:45 pm
Not vested.
DJ MARKET TALK: A50's Premium Vs NAV Suggests Upbeat A-Share View
1152 [Dow Jones] A50 China Tracker (2823.HK) +0.5% at HK$11.80 despite A-shares market closed (won't re-open until Thursday), suggesting HK investors hopeful A-shares regaining strength gradually; this also reflected by A50 currently trading at hefty 9.7% premium to estimated NAV of HK$10.76/share.
Macquarie notes A-shares corrected 23.1% year-to-date, reflecting concerns over local property tightening measures, global economic fragility, now trading at 13.3X 12-month forward P/E (24% discount 8-year average of 17.6X).
"The market debate continues over whether such risks have been fully priced in, but from our perch in Shanghai, we note tentative signs that local sentiment is beginning to shift back in favour of local equities." A50 volume tapers off to HK$212.5 million, but still good for 10th most heavily traded HK stocks.
Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"