Hollysys Automation Announces "Two Meaningful Steps Toward More International Exposure," Piper Jaffray Reports

In a press release on Friday, Hollysys Automation Technologies, Ltd HOLI announced “two meaningful steps toward more international exposure,” Piper Jaffray reports. “First, the company announced a sizable acquisition,” Piper Jaffray writes. “Second, HOLI officially announced a plan to dual list in Hong Kong. We view both of these announcements as incremental positives. “Our estimates are biased upward as a result of the acquisition, though they remain unchanged for now pending increased disclosure from management. We also believe the dual listing, if successful, could drive multiple expansion. We are maintaining our Neutral rating for now, chiefly because of HOLI's still lofty valuation vs. US-listed peers.” Hollysys Automation Technologies closed Monday at $9.85.