I think our friend opted for half cash, half scrip. He collected 36 m shares, raising his stake to 63%. Ok, now he got a higher stake and more to lose if he plays with fire.
Surprise, surprise, Ah Mei is showing a lot of life, having gone up to 15.2 cents. This is a 7% jump this morning alone. Does that show we all misssed a great opportunity when it trading at 11 cents?
what a tremondous surge in price and volume for Qingmei during the last four days. Now trading at 16.2 cents (same price as Sapphire) at 6 million shares, a level not seen for a long long time. Corporate buying?
CIMB has just issued a buy call (below) on Qingmei with a TP of 24 cts:
"Consistently strong Chinese consumer demand has kept QINGMEI's growth story intact; with a FY12 double-digit yield of 14.3%, undemanding valuations of 1.7x CY13 P/E, and downside capped by high net cash per share of 14.1cts (87.6% of current share price), we think this stock is a definite steal.
Initiate with BUY, TP S$0.241.
what an amazing climb by qingmei. increase by $0.015 or 9%. was at 18 cents at one stage, which was the price it was selling when it announced its dividends of 14%. expect it to break out of 18cents and beyond by this week end.
