20150612-JEFFERIES-中国外运(0598):DISPOSING_1.59_STAKE_OF_SINOAIR-332814

$中国外运(hk00598)$  
Sinotrans announced after market close today that it has reduced its Sinoair(600270.CH)stake by 1.59% from 63.46% to 61.87% in the open market since April.This is in-line with company's guidance that it would be seeking to realise some value while retaining majority control.We see this as a positive development as Sinoair currently trades at 27x 2015PE vs.Sinotrans at 13x 2015PE.Valuation/Risks:Our 12-month PT is HK$6.9 based on 16x 2015 PE.Major downside risks include macro economy slows down,depressed consumer demand etc.Upside risks include value accretive asset injections from the parent company.
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