IPO of the YEAR

China Construction Bank closed flat at 2.35 on listing debut. As the counter was priced towards the higher end translating into a PB of nearly 2x and given current market conditions, I was not surprised that the shares did not perform.

However, based on fundamentals (being the best among the state-owned banks), a low forward PER, and also that shares in the hands of retailers are limited, I remain bullish on the counter.

TOO BAD I'M BROKE!