CFA Society Singapore
SINGAPORE (Feb 21): Y Ventures Group has been queried by the Singapore Exchange (SGX) for its “unusual price movements” after shares in the e-commerce company climbed as high as 75 cents on Wednesday morning, up 10.4% from its opening price of 68 cents.
As at 3:43pm, shares in Y Ventures are trading 6.62% higher at 72 cents.
In July 2017, it was reported by The Edge Singapore that Y Ventures was placing out 35 million shares at 22 cents each to boost its data analytics capabilities, increase its advertising and product range, as well as expand into new markets.
In the months that followed, a number of brokerages issued positive reports on the group’s outlook given its recent moves to expand its online presence and deepen its existing product categories.
More recently, Phillip Capital late last month initiated Y Ventures at “buy” with a target price of 70 cents on the possibility that the group could grow at an even faster rate than the global internet retail market’s growth expectations of a 10.7% estimated compound annual growth rate (CAGR) over FY16 to FY20, to a size of US$1.8 trillion ($2.4 trillion) by FY20E.
The group has yet to respond to the bourse’s query, which was issued at 10:05am.