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The Straits Times / The Business Times News on HG Metal
HG Metal insiders load up on sharesGoh Eng Yeow - April 07, 2005The Straits Times AS THE appetite for steel grows in the region, insiders have been nibbling at shares in HG Metal Manufacturing in the past two months. Filings with the Singapore Exchange show that directors have been accumulating the stock on the open market. The biggest buys were made by non-executive director Sia Ling Sing, who got 430,000 shares at between 42 cents and 47 cents in the past two months. Other directors made their purchases, mostly in the 50,000-share range, last month. These included executive chairman Tan Chan Too, chief executive Wee Piew and two executive directors - Mr Tan Ah Bee and Mr Lee Leng Loke. Making a buy call on HG Metal, Kim Eng Securities' online research arm Kelive yesterday described the stock as one with 'low valuations with potential earnings upside in the upcoming results season'. Last month, Kim Eng Research said it expected HG Metal to report profit of $18.2 million this year. This followed an update by the company's management that turnover and net earnings will grow by at least 20 per cent for the first half of this year. 'The stock appears to be grossly undervalued at 4.6 times financial year 2005 earnings, compared with the six to seven times price-earnings ratio enjoyed by other stocks with small market capitalisation,' it added. Kim Eng pegs HG Metal's fair value at 62 cents. Yesterday, it closed unchanged at 48.5 cents.
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