China Fishery's (B0Z.SG) proposed Hong Kong dual listing is not expected to boost its valuation much, although proceeds raised from the exercise could lead to earnings-accretive acquisitions, says DMG, which has a Neutral call with a $2.00 target.

"We see minimal valuation impact from a dual listing in HKEX as both of China Fishery's parent companies, Pacific Andes Resources Development (P11.SG) and Pacific Andes International Holdings (1174.HK), are trading at similar FY10 P/E multiples of 7x."

The stock is up 1.3% at $2.29 on thin volume, with earnings dilution from the sale of up to 200 million new shares taking the shine off the global offering.

The offer size represents 22.3% of its existing share base.

Resistance is at the $2.30 52-week high.