I have posted articles to downgrade AYS before when its share price was overvalued. Currently there is more construction activities because there is no more MCO lockdown. As a result, the demand for all building materials including steel is increasing. That is why I am writing this article.
The above are extracts from AYS 2022 annual report. In addition the Board has also made these announcements:
On 25 Oct 2021 the board wishes to announce that the Board has resolved to fix the issue price for the Private Placement at RM0.7600 per Placement Share.
The issue price of RM0.7600 represents a discount of RM0.0788 or approximately 9.39% to the 5-day VWAP of AYS Shares up to and including 25 October 2021, being the market day immediately preceding the price-fixing date of RM0.8388 per AYS Share.
Share buy back
On 20 June 2022 the Board announced that AYS proposes to seek a mandate from the Shareholders to allow the Directors, to exercise the power of the Company to purchase its own shares up to ten percent (10%) of the issued and paid-up share capital of AYS through Bursa Securities.
Steel price up 20% in May
KUALA LUMPUR (June 9): The average price of steel bars increased 20% in May 2022 to RM3,910 per tonne, from RM3,258 per tonne in the corresponding period last year, following the increase in the prices of building materials, the Department of Statistics Malaysia (DoSM) said.
Chief statistician Datuk Sri Dr Mohd Uzir Mahidin said the Cost Materials of Building Index (BCI) without steel bars & with steel bars for all building category in Peninsular Malaysia, Sabah and Sarawak increased in May 2022, compared with a year ago. He said the increase in BCI for Peninsular Malaysia was between 7.8% and 15.6%, Sabah (between 4.9% and 12.9%) and Sarawak (between 7.4% and 16.5%).
AYS share price chart is beginning to show trend reversal. The best time to buy is at the pivoting point of trend reversal.
All investors should note the followings:
1 the last traded price was 47 sen
2 its NTA is 94 sen
3 its share placement price was 76 sen
4 last year 4 sen dividend
5 Dividend for this year should be more than 4 sen because the company reported much better profit in 2022.
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