SIA Engineering: recorded their first ever share buyback over the past two days.
- 26 Nov: 216,600 shares worth $785.1k at average price of $3.62.
- 27 Nov: 218,700 shares worth $799.5k at average price of $3.65.
- Recall that it recently divested part of its stakes in SAESL and HAESL that will yield cash proceeds of SGD202m
Maybank-KE notes that the company appears to see value where the market doesn’t and is putting the cash proceeds to work.
Maybank-KE currently has a Hold on SIA Engineering with TP of $3.61. The share should offer stock support in the current soft market conditions.
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