Tan Yeow Khoon, Founder and Executive Chairman of Soon Hock Holdings, bought more shares on 24 and 25 Jun,after executing his first puchase on 23 Jun. This is the breakdown of the purchases he made on the three consecutive days:
$0.65205875 per share, $499,477 outlay, 766000 shares on 23 Jun from 73.93% to
74.15%.
$0.65478637 per share, $499,602 outlay, 763000 shares on 24 Jun from 74.15% to
74.4%.
$0.62458333 per share, $314,790 outlay, 504000 shares on 25 Jun from 74.4% to
74.56%.
In summary, it was $0.64627103 per share, $1,313,869
outlay, and a total of 2,033,000 shares. This substantial insider accumulation
reflects powerful internal confidence in the industrial property developer's
market trajectory and asset pipeline.
I added to my Soon Hock position today at an avg price of
$0.615. It is odd that the stock has not rallied, given that the Chairman and
CEO have been buying heavily ahead of the earnings announcement at the end of
August. Shareholders sell for all sorts of reasons, but when insiders buy, it
usually signals conviction that the stock is undervalued and its prospects are
sound.
Soon Hock also has a tight float of around 83 million
shares, with insiders controlling roughly 77% of the company. Soon Hock now
trades at a steep liquidity discount — striking when you consider its P/E is
currently only about 4.15x.
I strongly believe management will deliver a solid dividend, or perhaps even a
stock split, in the upcoming report at the end of August.
Prescientsuper
https://superphang.blogspot.com
No comments:
Post a Comment