China Water Affairs (855.HK) buyback back almost daily since June
Buybacks by utility firm China Water Affairs Group Limited (855.HK) [MKT CAP 7.78B] since June have amounted to 15.9 million shares worth $75.54 million. The trades, which accounted for 8% of the stock’s trading volume, were made from June 28 to October 4 at $4.19 to $5.17 each or an average of $4.75 each. The Group bought shares on 67 out of the 69 trading days during that period. The Company last bought 86,000 shares from October 3 to 4 at an average of $5.15 each [3MTH -1%(48%)/6MTH -3.5%(26%) 236 FILINGS-AUG 2007]. The Group embarked on this buyback spree after it announced on June 27 a 48.78% gain in YE profit attributable to shareholders to $551.758 million for the 12 months to 31 March 2016. Prior to the repurchases since June, the Company acquired 8.16 million shares from April 21 to May 26 at $3.37 to $4.01 each or an average of $3.90 each. The buybacks since April were made on the back of the rebound in the share price since March 31 from $3.19. Prior to the repurchases this year, the Group acquired 221.5 million shares from June 2011 to May 2014 at $1.80 to $3.15 each or an average of $2.54 each, 32.9 million shares from September to October 2008 at $1.38 to $1.00 each or an average of $1.17 each and 1.25 million shares in 2007 at $4.21 each. Investors should note that Chairman Duan Chuan Liang acquired 9.12 million shares from January 15 to February 29 at $3.23 to $3.50 each or an average of $3.34 each [AI SCORE 4.0; 3MTH -1%(30%)/6MTH -6%(16%) 541 BUYS-2003], which increased his holdings to 469.120 million shares or 30.87% of the issued capital. He previously acquired 2.1 million shares from November to December 2015 at an average of $4.02 each, 34.3 million shares from July to September 2015 at $4.15 to $3.20 each or an average of $3.56 each and 500,000 shares in March 2015 at $3.57 each. Prior to his purchases since 2015, Mr. Duan acquired 22.48 million shares from October to December 2014 at $3.35 to $4.14 each or an average of $3.67 each, 7.76 million shares from March to April 2014 at $2.32 to $2.78 each or an average of $2.52 each and 118 million shares from July 2007 to April 2011 at $5.36 to $0.98 each or an average of $2.49 each. The stock was trading at $5.19 on October 6 (Asia Insider News Oct 5, 2016).
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