Wednesday, November 16, 2011

CMR purchased

This morning I added a few more shares in China Metal Recycling (HK:773) to the portfolio. This was largely on the back of a broker's report giving a price target of HK$13.50. Nothwithstanding some weakening in scrap prices and the impact of rising operating costs, my expectation is that the company will continue to benefit from the considerable investments in new capacity and the on going industry consolidation.

I paid HK$8.70 for the additional shares.

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