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China XLX Fertiliser dual-listing in Hong Kong

China XLX is seeking dual listing in Hong Kong. Hong Kong listed competitor China Bluechemical is trading at 11x PE, 2x price to book and 3.3x price to sales relative to XLX’s 5x PE, 1.5x price to book and 1.1x price to sales, hence with the dual listing, hopefully CXLX’s valuation gap can be narrowed.Outlook: Fundamentals remain weak.Earnings to plunge in 2Q09.Valuation gap should be narrowed in

 

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