Photo: Medtecs International
William Yang, deputy chairman and CEO of Medtecs International, on May 12 acquired 500,000 shares for $479,000, or an average of 95.8 cents each. This brings his stake in the company to 2 million shares or 0.364%. William holds his shares via a sub-brokerage account with a Taiwan broking house. William is the son of Clement Yang, executive chairman of the company. According to the company’s latest annual report, as of March 19, Clement holds a direct stake of nearly 24.7 million shares or 4.52% and a deemed stake of nearly 33.1 million shares, or 6.05%.

William’s purchase, which was made on the open market, came in the wake of a downgrade by DBS Group Research on May 7. In their report, analysts Woon Bing Yong and Ling Lee Keng lowered its target price to 92 cents from $1.25 and changed their “buy” call to a “hold”, citing “disappointing” earnings for 1QFY2021 ended March 31.

They note that Medtecs International, which over the past year had enjoyed an unprecedented surge in its business of providing personal protective equipment (PPE), recorded revenue of US$42.2 million ($55.9 million), up 5.9% y-o-y but down 62.7% q-o-q. Earnings in the same period came in at US$13.2 million, up 259.9% y-o-y but down 71.9% lower q-o-q.

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