Valuetronics (SGX:BN2
) announced that its substantial shareholder, Amova Asset Management, has acquired 1,030,100 shares back on May 28.
In the SGX filing dated June 3, the shares were purchased for a total consideration of $1,200,375.53, which excludes brokerage and stamp duties. This translates to an average price of around $1.16.
With this latest transaction, this brings Amova’s stake in Valuetronics from the previous 6.9% to 7.15%.
Back on May 28, Valuetronics has reported lower earnings for FY2026 due to an impairment of an underperforming associate.
Despite the lower earnings, John Cheong and Heidi Mo of UOB Kay Hian have nearly doubled their target price for Valuetronics from $1.03 to $1.88, with an eye on the manufacturer's better earnings visibility, shift towards higher margin products, plus a clear capital return plan.
Shares in Valuetronics closed 2 cents lower or 1.8% down at $1.09 on June 3. On a year-to-date basis, Valuetronics’ share price witnessed a gain of 27.49%.
