10 July 2025 COLI is the debate: Investors we have met with feel that the investment thesis is unclear despite its less favourable earnings track record relative to CRL and the recent price cut news. However, we reckon that hedge funds seem hesitant to short the stock given the depressed PB ratio at 0.3x, among the lowest in the SOE universe. We have a Hold rating on the stock, as we see earnings risk as being appropriately reflected by the current valuation. Disclosures & Disclaimer This report must be rea ...