Hengan International (1044.HK) resumes buying back on 17% price fall
Personal hygiene products manufacturer and distributor Hengan International Group Company Limited (1044.HK) [MKT CAP 92.9B] picked up where it left off in July with 5.46 million shares purchased from August 26 to September 1 at $71.00 to $76.00 each or an average of $74.20 each [3MTH -1%(69%)/6MTH -1%(62%) 29 FILINGS-2000]. The trades, which accounted for 19% of the stock's trading volume, were made on the back of the 17% drop in the share price since 2H July from $89.70. The acquisitions were also made after the Company announced on August 25 a 10.8% gain in 1H profit attributable to shareholders to $1.967 billion for the 6 months to 30 June 2015. The Group previously acquired 50,000 shares on July 8 at $79.70 each. Prior to the buybacks since July, the Company acquired 7 million shares from March to October 2014 at $79.95 to $74.45 each or an average of $78.15 each and 18 million shares from November 1999 to August 2000 at an average of $2.17 each. Investors should note that JPMorgan Chase & Co reported an initial filing (for the 17th time since June 2003) on August 5 of 250,000 shares at $84.10 each, which increased its holdings to 61.412 million shares or 5.01% of the issued capital. Prior to that initial filing, the fund manager ceased to be a substantial shareholder in September 2014 following the sale of 854,000 shares at $81.21 each, which lowered its interest to 4.97%. The counter was trading at $73.55 on September 4 (Asia Insider News Sep 2, 2015).
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