in the past 4 trading days, has shot up from 23.5 cents to 30 cents today. Volume is decent. Today at 1.2 m shares done. It used to be a fat zero for volume in the past 1 year. In other words, something's brewing.
How high can it still go? Today closed +2 cents = 32 cents. In excelelnt 1H, Hafary earned 3.9 cents a share. Double that = 7.8 cents a share for the year ended June 2011.
Therefore, the PE is 32 divided by 7.8 = 4.1X.
Very cheap. But have to be conservative. So I assume 7 cents a share in earnings = PE of 4.6X.
So far only 1 story on Nextinsight. [url=http://www.nextinsight.net
/story-archive-mainmenu-60/912-2011/3993-hafary-]HAFARY: Sizzling 237% profit growth in 1H, more to come?[/url]
Dull business of trading in wall tiles and other renovation materials -- how come so profitable? Anyone knows the Hafary bosses well?
Starting to take note of this Hafary. Went up again yesterday by 1 c to 33 c.
Seems like there is strong support. Strong push up. And this, after a substantial shareholder sold nearly 2 m shares a week ago at 23 cents (around there). That unlucky lady --- missed out a few dollars.
Unintentional --- human error -- Hafary overstated proft for half-year. Shld be $4.8 m instead of $6.4 m.
But I don't understand their explanation about 'costing errors' --- means they input a lower cost to certain inventory? Then recognised a higher profit than shld be the case?
Hafary: .....the unaudited financial statements set out in the Half Year Announcement would need to be restated. The profit before income tax for the Company and its subsidiaries (collectively referred to as the “Group”) stated in the Half Year Announcement amounting to S$7,742,000 is incorrect and should amount to S$5,806,000. The Group’s profit, net of tax, should be S$4,818,000 as compared to the previously reported amount of S$6,425,000.
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