Yoma cites FY2024 results and media reports as potential reasons for unusual trading
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Yoma's response to SGX queries came after its shares shot up as much as 38.1 per cent on June 11.
PHOTO: YOMA STRATEGIC
Michelle Zhu
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SINGAPORE - Yoma Strategic Holdings said it was unaware of any reasons for its recent unusual trading activity after being queried by the Singapore Exchange Regulation (SGX RegCo).
After the market closed on June 11, the Myanmar-focused conglomerate said potential explanations for the trading included the release on May 29 of its financial year 2024 results, along with subsequent brokerage reports and media articles on the company.
Shares of Yoma earlier ended 2.6 cents or 31 per cent higher at 11 cents, amid a surge in trading volumes. Nearly 164.2 million of its securities had changed hands for the day, significantly above the counter’s average of 16.1 million.
The stock had spiked as much as 3.2 cents or 38.1 per cent to peak at 11.6 cents as at 3.44pm on June 11, with 126.6 million shares traded at the time.
This prompted SGX RegCo to issue a query on the unusual price movements in Yoma’s shares at 3.53pm, to which Yoma issued a response at 11.43pm.
Articles cited by Yoma as potential reasons for the trading activity included a Phillip Capital report on June 3, which projected the group to report further earnings growth in financial year 2025.
Phillip Capital’s head of research, Mr Paul Chew, said growth in the following fiscal year would be driven by Yoma’s property development as well as food and beverage divisions along with Wave Money, the group’s mobile financial services business.
At the time, Mr Chew noted Yoma to have been trading at a 62 per cent discount to the stock’s book value.
His comments came after the company on May 29 reported its return to the black in financial year 2024 with US$18.4 million (S$24.9 million) in net profit, prompting the counter to surge on heavy trading.
On June 5, Yoma issued a clarification that its land unit, Yoma Land, was not involved in the business of selling properties in Thailand. THE BUSINESS TIME S
