Super Group (S10.SG) gaps up at open, last +4.7% at $1.00 vs $1.03 early high, on hopes stock could fetch higher valuations as instant beverage maker finalises pricing for its Taiwan Depository Receipts, according to Dow Jones.

40 million TDRs have been issued at NT$14 each ($0.59), with 2 TDRs costing NT$24 or $1.18, representing 1 mother share, a 23.6% premium to yesterday’s close. TDRs start trading September 9. Company will use $23.6 million proceeds to build new HQ, production, warehousing facilities in Singapore.

“(The) easy money has been made” but “we see some headwinds going into FY11” given 30% rise in Robusta coffee prices since March, says DMG, which has Buy call with $1.06 target; “this could result in weaker gross margin...putting a halt to its quarterly earnings growth momentum.”

Orderbook quotes tip minimal upside beyond $1.03.