[ET Net News Agency, 9 October 2018] J.P. Morgan resumed coverage of Orient Overseas
(OOIL)(00316) following a period of restriction, with a "neutral" rating and a price
target of HK$49 (from an "overweight" rating and a price target of HK$59).
It said that OOIL's share price has corrected a sharp 40% from the highs at end-July
2018 as the transaction with COSCO Shipping (01919) came to a close. JPM expects the stock
to remain range bound given the sharp drop in free float post acquisition by COSCO, while
current valuation of 0.8x P/B FY2019, in line with historical average, is fair. (KL)