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IFCA CEO considers boosting stake in top tech stock after slump
by Cals Wed 17 Jun 2015, 20:51
IFCA CEO considers boosting stake in top tech stock after slump
KUALA LUMPUR (June 17): IFCA MSC Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s founder is considering buying more shares in the Malaysian software company following a slump in the stock that dragged valuations to a record low.
The company’s business plans are on track and it is seeking a transfer to the larger main board of the Kuala Lumpur stock exchange by the end of the year, Ken Yong Keang Cheun, the chief executive officer of IFCA, said in an interview on Tuesday. Yong owns 38 percent of the maker of cloud-based software for property companies.
IFCA’s shares plunged 40 percent from a record high reached on May 18. The stock surged more than 1,600 percent in the past year through that date to make it the world’s top performing software company on bets expansion in China would bolster earnings.
“I’m puzzled about what happened to the share price,” Yong said by phone Tuesday. “I might buy more shares; business fundamentals are still intact.”
Yong bought 650,000 shrs in May, according to a stock- exchange filing. The company trades at 10.8 times projected 12- month earnings on June 15, near its lowest level on record. The shares climbed as much as 7.6 percent Wednesday, extending Tuesday’s gain, poised for the steepest two-day jump since Aug. 29.
KUALA LUMPUR (June 17): IFCA MSC Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s founder is considering buying more shares in the Malaysian software company following a slump in the stock that dragged valuations to a record low.
The company’s business plans are on track and it is seeking a transfer to the larger main board of the Kuala Lumpur stock exchange by the end of the year, Ken Yong Keang Cheun, the chief executive officer of IFCA, said in an interview on Tuesday. Yong owns 38 percent of the maker of cloud-based software for property companies.
IFCA’s shares plunged 40 percent from a record high reached on May 18. The stock surged more than 1,600 percent in the past year through that date to make it the world’s top performing software company on bets expansion in China would bolster earnings.
“I’m puzzled about what happened to the share price,” Yong said by phone Tuesday. “I might buy more shares; business fundamentals are still intact.”
Yong bought 650,000 shrs in May, according to a stock- exchange filing. The company trades at 10.8 times projected 12- month earnings on June 15, near its lowest level on record. The shares climbed as much as 7.6 percent Wednesday, extending Tuesday’s gain, poised for the steepest two-day jump since Aug. 29.
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