Shares of IGB Corp Bhd surged as much as 33 sen to a 20-month high of RM2.31 in afternoon trade on Friday, Oct 16 before sliding to RM2.28 at 4.01pm. There were no fresh corporate news except that the company bought back 7.06 million shares at prices ranging from RM1.69 to RM1.70 for RM12.02 million. The recent share buy-back saw the shares retained in treasury at 30.328 million. Market talk was that there could be a distribution of treasury shares which has propelled the share price.
Stocks to watch and buy:
Goldis, SunCity (na 359, eps 28, pe 12, dv 12, fair value 325), Glomac, (na 185, eps 11, pe 12, dv 4.5, fair value 120), MahSing (see previous), BRDB (na 315, eps 22, pe 8, dv 3, fair value 150), KSL (na 185, eps 25, pe 9, dv 5 ex.19/8, fair value 125).
IJM Land, IJM remains my favourites