Just now check back to XingQuan history announcement, found that CIMB Investment Bank Berhad (“CIMB”), as the Stabilising Manager has purchased the following Shares in Xingquan International:
Date of Purchases : 10 July 2009
Number of Shares Purchased : 3,750,000 Shares
Price Range of Purchases : RM1.73 to RM1.80 per Share
CIMB Investment Bank Berhad, as the Stabilising Manager, hereby announce that we have ceased stabilisation action, with 16 July 2009 being the last date of the stabilising period. We have undertaken stabilising action and purchased a total of 5,866,500 Shares at a price range of RM1.72 to RM1.80 per Share. The last purchase in the course of the stabilising action was on 16 July 2009 at a price of RM1.79 per Share.
wow~ 5.86 million shares is 1.9% of the total XingQuan outstanding share (307.33 million), thats huge..
Why they buy so many at the price range of RM 1.72 to RM 1.80?? Does it mean that the stock price is undervalue?
But I am more lucky than them, because i bought at the price cheaper than them.. you jump i jump~ lol..
Check back to XingQuan annual report 2009, which revealed that most of the 30 largest shareholders are of security account holder, we can see that most of them are fund management account and those fund are growth fund, balance fund and value fund, very obviously as show at fund name, that is XingQuan is a growth company and the currently stock price undervalue..
Latest EPS 7 cents which translate to around PE 6, i will buy more if the stock price able to hit RM 1.40 or below..
Come come XingQuan, please drop more now~
Souce: Xingquan International Sports Holding Limited Annual Report 2009
Bursamalaysia Annoucement on Xingquan dated 13/7/2009 and 20/7/2009
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