One of my best performing counter, Huayang, announced its second quarter result today with a bang. It made a net profit of 13.9m, up from previous quarter of 11.5m, which is equivalent to 12.87cents per share with a total of 23.50cents per share for both quarters. At today's closing of 1.60, it's PE is amazingly low. Based on the assumption of full year earnings at 40cents per share, it would means the PE is just 4x. The timing of this announcement couldn't be better for a bonus issue of 3:1 that will go ex on 24th October, just next Monday.
Ever since the bonus issue announcement, I've been trying to top up my Huayang, mainly to avoid getting odd lot but it's getting harder now or I'll have to pay for a higher price after today's earnings announcement. I'm happy with the spectacular result but also sad at the same time as I have not manage to top up. To sum it up, Huayang is undoubtedly one of the best property stock which doesn't get much attention from big funds. The race is on !
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