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london broker rates sum a buy @ .65 now .26

  1. 75 Posts.
    London broker rates Sumatra Copper & Gold a buyFont Size: Decrease Increase Print Page: Print CITY BEAT: Michael Bennet | October 27, 2009
    Article from: The Australian
    SUMATRA Copper & Gold has had a buy call placed and valued at a 160 per cent above its share price, a day after making its debut.

    Sumatra yesterday listed on the ASX after a successful IPO in which it raised $12m at 20 cents a share.

    Sumatra was today trading down 2 per cent at 24.5c in intraday trade after yesterday closing at 25c.

    Analyst Richard Morgan of London-based Mirabaud Securities begun coverage of the London-originated company and has a valuation of 65c per fully-diluted share.

    “We believe our valuation is backed up by comparison of SCG’s against the company’s
    London-traded peers that have operations/projects in Southeast Asia,” he said.

    “At the IPO price, SCG is clearly the cheapest in this peer group. Our valuation of 65 cents per share would put SCG on an EV of $US29.3/oz, still well below the median for southeast Asian gold resources.”

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