My purpose for writing this article is to ask shareholders to support me to request AYS to call an EGM for share buyback. The AYS price chart below shows that it has dropped from 91 sen on 25 Oct to close at 59.5 sen on last Friday. It has dropped 31.5 sen or about 30% within 1 month. As a result, many shareholders are forced to sell to meet margin calls. The more shareholders sold; the more the share price would drop-thus creating more forced selling.
Forced selling is a vicious cycle.
On 15 Oct, AYS placed out 380 million shares at 76 sen each. If AYS EGM is passed, the company can buy back 380 million shares to support the share price and stop forced selling.
Before an EGM can be held, an official request must be made. The request can be made by the company members or shareholders who own at least 10% of share capital or 10% voting rights. Once the summoning of the EGM is confirmed, the board of directors must provide a notice that an EGM will be held.
The total issued shares is 380 million + 38 million placement shares = 418 million shares.
I have slightly less than 5% of the total issued shares to avoid reporting my trading activities under SC rules. I need shareholders support to request AYS to call an EGM. You can write directly to AYS email address: email@example.com.
You just write to request AYS to call an EGM. You do not need to state the number of shares you have.
This is what I will write:
AYS board of directors, firstname.lastname@example.org.
My name is Koon Yew Yin and I am a shareholder. I request you to call an EGM for share buyback to support the share price.
Koon Yew Yin
My AYS target price?
As I mentioned above that AYS has dropped from 91 sen to close at 59.5 sen, a drop of about 30% within 1 month. It is so ridiculous. I have been searching for another stock to diversify but in vain. I cannot find another stock sell cheaper in terms of PE ratio.
Its 2nd quarter ending Sept EPS was 6.51 sen and its 1st quarter ending June EPS was 8.5 sen, totalling 15 sen for 1st half year. All these profits were achieved during the Covid 19 pandemic MCO lockdown. Currently there is no more MCO lockdown and AYS should be able to make better profit in its 2nd half year than its 1st half year.
Assuming its 2nd half year performance is the same as its 1st half year, its annual profit EPS will be 30 sen per share.
Based on PE 3, AYS should be 90 sen.
Based on PE 4, AYS should be Rm 1.20.
Based on PE 5, AYS should be Rm 1.50.
Created by Koon Yew Yin | Sep 27, 2022
Created by Koon Yew Yin | Sep 26, 2022
Created by Koon Yew Yin | Sep 19, 2022
Created by Koon Yew Yin | Sep 15, 2022