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YOMA Strategic Holdings said it was unaware of any reasons for its recent unusual trading activity after being queried by the Singapore Exchange Regulation (SGX RegCo).
After the market closed on Tuesday (Jun 11), the Myanmar-focused conglomerate said potential explanations for the trading included the May 29 release of its FY2024 results, along with subsequent brokerage reports and media articles on the company.
Shares of Yoma earlier ended S$0.026 or 31 per cent higher at S$0.11, amid a surge in trading volumes. Nearly 164.2 million of its securities had changed hands for the day, significantly above the counter’s average of 16.1 million.
The stock had spiked as much as S$0.032 or 38.1 per cent to peak at S$0.116 as at 3.44 pm on Tuesday, with 126.6 million shares traded at the time.
This prompted SGX RegCo to issue a query on the unusual price movements in Yoma’s shares at 3.53 pm, which Yoma later issued a response to at 11.43 pm.
Articles cited by Yoma as potential reasons for the trading activity included a Jun 3 Phillip Capital report that projected the group to report further earnings growth in FY2025.
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Its head of research, Paul Chew, said growth in the following fiscal year would be driven by its property development as well as food and beverage divisions along with Wave Money, the group’s mobile financial services business.
At the time, Chew noted Yoma to have been trading at a 62 per cent discount to the stock’s book value.
His comments came after the company on May 29 reported its return to the black in FY2024 with US$18.4 million in net profit, prompting the counter to surge on heavy trading.
On Jun 5, Yoma issued a clarification that its land unit, Yoma Land, was not involved in the business of selling properties in Thailand.
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