ZHONGMIN BAIHUI RETAIL GRP LTD (5SR : SG)
Zhongmin Baihui Retail (5SR-ZBR.SP) records first buybacks on 13% price fall
Department store operator Zhongmin Baihui Retail Group Ltd (5SR-ZBR.SP) [MKT CAP 242M] bought back for the first time since listing in January 2011 with 178,000 shares purchased from October 10 to 11 at an average of $1.24 each. The trades were made on the back of the 13% drop in the share price since September from $1.43. The counter is also down since November 2014 from $1.82. The Group's buyback price was higher than the IPO price of $0.30. Investors should note that CEO Chen Kaitong acquired 500,000 shares on January 20 at $1.76 each [AI SCORE 2.6], which increased his direct holdings to 44.601 million shares or 22.71% of the issued capital. He also has deemed interest of 2.800 million shares or 1.43%. He previously acquired 550,000 shares in December 2014 at $1.85 each and one million shares in April 2014 at $1.75 each. Prior to his purchases since 2014, the CEO sold 6.1 million shares in March 2013 at $1.50 each. Zhongmin Baihui Retail announced on August 12 a 308.6% gain in 2Q profit after tax to $54.025 million for the 3 months to 30 June 2016. Earnings in 1H rose by 107.7% to $74.429 million. The stock was trading at $1.23 on October 12 (Asia Insider News Oct 12, 2016).
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