Marco Polo Marine (5LY.SG) +8.0% at $0.470 in heavy trade after the company says it’s “exploring the possibility” of offering TDRs and is appointing professional parties to start work on the proposal. Today’s surge confirms investors’ belief in the benefits of such a move — access to another equity market, wider investor base, different investor profile and increased liquidity.
But DMG, which keeps its Buy call and $0.585 target price, says “given the non-fungible nature of TDRs and ordinary shares listed on SGX, and absence of operations in China, we think the potential benefits of TDRs to MPM may be muted.” It does note that on listing, MPM would be the first TaiEx-listed O&M integrated player.
Technics Oil & Gas (5CQ.SG) also rises 2.8% to $0.915 on gaining regulatory approval in Taiwan for its planned offering of up to 80 million TDRs; the more muted market response is likely as plans have been flagged since August and the stock’s gained 21.2% since late November.
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