15-05-2012, 09:28 PM
(15-05-2012, 04:49 PM)dydx Wrote: Against an overall weak market today (15May12), Kingsmen has been marked up back to $0.67 - up $0.02 from yesterday's closing price - even though the counter has gone 'XD' since 8May12 for the $0.025/share Final dividend for FY11. Such price movement is rather unusual! I think shareholders better hold on to your Kingsmen share tight, tight!
Personally, I won't get too excited about the apparent surge in the share price. As RBM has kindly pointed out, the transactions were made in two blocks, one of 88 lots and another of 10 lots. Admittedly the 10-lot block was transacted at 3 bids above the last done at $0.67, but it could be the case of desperation by the buyer as the closing bell was near. We should not read too much into the actions of individual (and probably retail) buyers.
My conservative view is that there should be no significant corporate action on Kingsmen for quite some time, allowing for them to (hopefully) realize their vision of doubling revenue by 2015 (using 2010 as a base).
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/