NEW YORK Jan 25 China-based Focus Media
FMCN.O shares could be worth nearly twice current valuations
as investors overlook some of its valuable assets, financial
newspaper Barron's said on Sunday.
The paper said Focus, which sold core assets to Chinese
Internet portal Sina Corp (SINA.O) last month, still retains an
Internet advertising unit, a movie theater advertising network,
billboards and around $381 million in cash, which it said was
not reflected in its current share valuation.
Under the all-stock Sina deal, Focus shareholders will own
less than half of the combined company at around $1 billion,
exceeding Focus's $916 million market cap, according to
Focus shares, which trade around $7, could be worth $13
according to an analyst quoted by Barron's.
(Reporting by Yinka Adegoke, editing by Maureen Bavdek)