Investors afoot at the Circle K

The retail arm of the Li & Fung Group is tempting investors with an IPO that is priced to go.

Investors are watching with interest the ongoing IPO of Li Fung subsidiary Convenience Retail Asia, which operates the Hong Kong convenience store chain, Circle K. The offering, on Hong Kong's growth enterprise market GEM, looks to be a bargain, according to BNP Paribas Peregrine BNP director Darius Yuen. The offer price range of between HK$1.05 $0.13 and HK$1.15, representing a price-earnings PE ratio of 13.09 to 14.13, is cheap compared with other listed convenience stores around the region.

We disagree that Circle K should be seen as a Hong Kong retail stock, says Yuen. Instead, he says that Circle K is comparable...

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