SITC International 1308

[winston]

SITC International, a Shanghai-based shipping firm, plans to raise up to HK$4.08 billion to expand its fleet.

It will sell 650 million shares at between HK$4.78 and HK$6.28 apiece, representing a earnings multiple of 14.6 to 19.1 times.

SITC expects its net profit this year to jump more than three times to US$109 million from US$32.48 million in 2009.

[winston]

Not vested. IPO not sure thing ?

DJ MARKET TALK: SITC Down 9.2%; Industry Concerns Weigh - SHKF

1515 [Dow Jones] NEW LISTING: SITC International Holdings (1308.HK) down 9.2% at HK$4.34 vs IPO price of HK$4.78, following weak investor response with retail tranche only 0.7X oversubscribed.

Daniel So at Sun Hung Kai Financial says investors more selective in stock picking, given there's a slew of new listings on pipeline.

Adds, SITC is container shipping and logistics company, so earnings would be more affected by global economic uncertainties. "The stock's performance speaks of itself."


Source: Dow Jones Newswire