Hot Stock IFCA actively traded after announcing share buy-back plan

by **Cals** Mon 14 Sep 2015, 15:30

Hot Stock

[size=28]IFCA actively traded after announcing share buy-back plan

By Yimie Yong / theedgemarkets.com | September 14, 2015 : 11:54 AM MYT

KUALA LUMPUR (Sept 14): IFCA MSC Bhd ([You must be registered and logged in to see this image.] Valuation: 1.50, Fundamental: 3.00) was actively traded on Bursa (Valuation: 2.10, Fundamental: 2.30) this morning, after it proposed to seek shareholders’ approval for the authority to buy back its shares.

At 11.29 am, IFCA rose 1.5 sen or 1.84% to 83 sen, with 24.35 million shares having changed hands. It was the ninth most actively-traded counters on Bursa Malaysia.

IFCA was also one of the most actively-traded counter on local bourse last Friday (Sept 11).

In a filing to Bursa Malaysia dated Sept 10, IFCA said it is proposing to seek its shareholders’ approval for the proposed authority for IFCA to purchase its own shares of up to 10% of its issued and paid-up share capital at any point in time, at an extraordinary general meeting to be held.

“The proposed share buy-back authority would provide IFCA with an option to purchase its own shares in the future, as and when the board deems appropriate, after taking into account inter alia market conditions and financial resources of IFCA,” it added.

In a note dated Aug 26, CIMB Research said IFCA’s share price took a major beating over the past few weeks and valuations are at attractive levels again.

“We are bullish about its e-commerce platform and it could change the way the property sector markets its unit,” it said.

“Although we are unsure whether the local bourse has bottomed, we believe it is time to gradually accumulate this stock,” it added.

The share price of IFCA has fallen more than 54% since mid-May.

CIMB Research maintained its “add” recommendation on IFCA, with a lower target price of RM1.32, from RM1.75 previously.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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