Thursday, May 19, 2011

Ideal Jacobs just 9 sen above offer price in late afternoon

KUALA LUMPUR: Shares of Ideal Jacobs (M) Corp Bhd was trading at 36 sen in heavy trade in the late afternoon on Thursday, May 19 as traders took profit after it listing on Wednesday.

At 4.16pm, the industrial labels manufacturer's share price was down seven sen to 36 sen with 19.19 million shares done.

At 36 sen, it is just nine sen above it offer price of 27 sen when it was listed on the ACE Market on Wednesday.

The FBM KLCI is up 2.53 points to 1,543.80. Turnover was 726.14 million shares valued at RM1.097 billion. There were 321 gainers, 373 losers and 336 stocks unchanged.

RHB Research Institute had accorded a fair value of 39 sen per share which was derived by applying 10.2 times target price-to-earnings ratio (in line with estimated peers' average) to its FY11 EPS forecast of 3.9 sen.

'All in, our fair value represents an upside of 46% from its IPO price,' it said.

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