On Nov 1 and 2, Madam Zhuang Xinxin, a non-executive director and the spouse of the chairman & CEO, bought a total of 2 m shares at S$0.26506 per share on average.
Since the Hongwei bozz's wife bought the stock, the textile sector outlook has been improving and with China Gaoxian running up like crazy, it's a matter of time before the market gets hooked on Hongwei.
Several market investors are in the stock ... including Tembusu.... so if nothing else, the 4Q results of Hongwei will confirm if they are indeed worthy of a run like Gaoxian.
Since the Hongwei lady is also a director in addition to being spouse of chairman, then it is safe to assume she knew what she was doing when she went on a share shopping spree.
26 cents was what she last bought at. She can't be expecting anything less than 36 cents as target price, which is a PE of about 6-7X
Persistent insider buying of this stock but no price action so far.
PE looks very cheap at 4-5X.
4Q results will provide stock catalyst if .... it shows that the company is enjoying a rebound in textile industry. Anyone got insights into this company? It seems so low profile - but NRA Capital recently did a report on them. No one else?
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