Buybacks by Country Garden (2007.HK) since Sept reach $683 million
Buybacks by property developer Country Garden Holdings Company Limited (2007.HK) [MKT CAP 89.2B] since September have amounted to 164.8 million shares worth $683 million. The trades, which accounted for 25% of the stock's trading volume, were made from September 7 to October 6 at $4.30 to $3.99 each or an average of $4.15 each. The Group recorded buys on every day during that 21-day period. The Company last bought 38.56 million shares from October 3 to 6 at an average of $4.10 each [3MTH +5%(100%) 22 FILINGS-JAN 2016]. The buybacks in the past two months were made on the back of the rise in the share price since August from $3.16. The repurchases since September were made at higher than its previous acquisition prices based on the 172.3 million shares that the Company acquired from May 12 to July 15 at $2.98 to $3.28 each or an average of $3.11 each and 203 million shares from January 11 to April 5 at $2.85 to $3.03 each or an average of $2.96 each. The repurchases since January are the Company's first buybacks since listing in April 2007. Also positive in the past two months is Executive Director Ms. Yang Hui Yan with 10.67 million shares purchased on September 23 at $4.26 each [AI SCORE 2.0; 3MTH 0%(44%)/6MTH -7%(53%) 96 BUYS-2008], which boosted her stake to 12.197 billion shares or 54.91% of the issued capital. She previously acquired 80.2 million shares from January 11 to August 26 at $2.98 to $3.80 each or an average of $3.20 each. Prior to her purchases this year, Ms. Yang acquired 6 million shares in March 2014 at an average of $3.11 each and 87.5 million shares from June to December 2013 at $3.63 to $5.06 each or an average of $4.32 each. Prior to her purchases since 2013, the director acquired 546,000 shares in May 2009 at $3.69 each and 2 million shares in October 2008 at $1.78 each. Ms. Yang, aged 34, joined the Group in 2005 and was appointed as Executive Director in December 2006 and Vice Chairman in March 2012. Investors should note that there were purchases by Executive Directors Yang Zi Ying and Mo Bin earlier this year. Executive Director Yang Zi Ying acquired an initial 2.750 million shares on August 19 at $3.78 each [AI SCORE 4.6]. The shares bought represented 0.01% of the issued capital. That is her first on-market trade since she joined the Group in 2008. Executive Director Mo Bin, on the other hand, purchased 4.6 million shares from May 18 to 26 at an average of $2.99 each [AI SCORE 3.4; 3MTH -11%(0%)/6MTH -12%(33%) 9 BUYS-2014], which increased his holdings by 76% to 10.711 million shares or 0.04%. He previously acquired 2.9 million shares in April 2015 at an average of $3.75 each and an initial 3.000 million shares in March 2014 at $3.12 each. Country Garden announced its 1H results on August 18 with profit attributable to shareholders up 9.3% to RMB 5.389 million for the 6 months to 30 June 2016. The stock closed at $4.00 on October 7 (Asia Insider News Oct 7, 2016).
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