Samko Timber: Substantial shareholder Fortuna Holdings has returned to the market to pick up shares - 200,000 units - of Samko Timber.
First Fortuna is an investment vehicle in which Samko CEO, Aris Sunarko, has a deemed interest in.
Aris himself has picked up the company stock right after it released its 2Q results.
He bought 1 m shares in his own name.
The confidence the buyers displayed reflects the fact that after three years of losses, Samko Timber is set to record a profit for this year.
For 1H 2011, Samko had a net profit of Rp30 billion versus loss of Rp104 billion in 1H 2010.
In addition, the company is in the midst of transforming itself from being a low-margin plywood manufacturer into one with new high-margin products, a rapidly growing retail network and new synergistic business.
In 2Q, Samko enjoyed a doubling in export sales – thanks partly to Japan’s demand for plywood for its reconstruction of tsunami/earthquake hit areas) and the absence of a share of losses of associate, PT Sumalindo Lestari Jaya Tbk.
Thus, compared to a loss of Rp115 billion in 2Q 2010, it achieved a profit of Rp19 billion in 2Q this year.
Recent story: SAMKO TIMBER: R&D engineering, logistics and financing strategy for growth
Oxley Holdings: Few company insiders have made as massive a purchase of their company’s stock as Ching Chiat Kwong, executive chairman and CEO of Oxley.
Since 1 Sept, he has bought 30 million shares. Since the start of the year, he has accumulated 47.26 m shares.
Assuming the shares were bought at around 33 cents apiece, he would have coughed up $15.5 million.
Oxley shares have mostly traded between 31 and 35 cents this year, demonstrating a resilience that was largely due to Ching's buying.
His buying has pushed up his stake to 619,013,500 shares, or 41.57% of the issued share capital of the company. It is worth $192 million based on the recent closing price of 31 cents.
Oxley is a property developer -- its industry is the target of several rounds of tough government measures to rein in residential property prices.
Oxley, however, has just reported a 398% increase in net profit attributable to shareholders to $5.7 million for the first quarter ended 30 Sept 2011.
This was on the back of a 259% increase in revenue to $35.7 million, versus $9.9 million in 1Q11.
Oxley’s topline performance was driven by the sale of eight residential projects, namely Parc Somme, Loft@Rangoon, Suites@Katong, Viva Vista, RV Point, Loft@Holland, Vibes@Kovan and Loft@Stevens. The revenue was recognised based on percentage of completion method.
Oxley, a relative newcomer to the market, was listed on SGX Catalist on 29 October 2010. It recorded net profit of $14.6 million on maiden revenue of $70.9 million for the FY ended 30 June 2011.
