DMX Technologies (5CH.SG) +20.0% at $0.420 — just below 5-month high of $0.425 — on hopes investors in US will pay more attention to digital media company as it firms up move to list American Depository Receipts, according to Dow Jones.
ADRs will start trading on OTCQX International from Sept 23, with each receipt representing 40 Singapore shares. If ADR take-up positive, shares likely to head even higher.
Stock down 14.6% since beginning 2010 vs STI +5.9% over same period, despite decent earnings growth in 1H10 (net profit +70.7% on year at US$4.1 million ($5.5 million), healthy balance sheet.
Debts minimal vs US$333.6 million in shareholders’ funds, net cash position of US$121.9 million as at June, which translates to about $0.14/share. Immediate resistance at year-to-date high of $0.455 set in January.
WRITTEN BY THE EDGE
FRIDAY, 17 SEPTEMBER 2010 16:21
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