They better! But even at the prices before Vales 65% GBG is stupidly undervalued. Remember this article after their BFS? Drives me mad when so many crap stocks double, triple their share price in 1 week on hot hair with a completely underjustified market cap.
DJ MARKET TALK: Melewar May Buck Trend, Rise; TA Tips MYR2.70 Tgt
0101 GMT [Dow Jones] Melewar Industrial Group (3778.KU) may buck broad market trend and
extend gains, possibly test July 16 peak of MYR1.82; 14.6%-owned Australian mining
concern Gindalbie (GBG.AU) completed placement of 65 million shares, or 12.78%, with
China's largest iron ore and steel producer Anshan Steel for A$39 million, raising
funds to further develop its Karara and Mungada mining projects. TA Securities analyst
Kamarulzaman Hassan says based on Bankable Feasibility Studies announced to ASX, the
Hematite net present value, or NPV, is estimated at A$79.6 million, while Magnetite
operation NPV is A$2.25 billion. "This would translate into an NPV of A$5.63 per
Gindalbie share as compared to current price of A$1.82," he adds. Even at
A$1.82/share, Melewar's investment in Gindalbie alone is worth more than its entire
market cap in Malaysia. Keeps Buy rating on Melewar with MYR2.70 target price. Shares
