KUALA LUMPUR: Covenience store owner and operator 7-Eleven Malaysia Holdings Bhd saw a 5.1% stake traded off-market on Wednesday.
Stock market data showed that 63.08 million shares were traded at an average price of RM1.45. This was 10 sen below Tuesday’s closing price of RM1.55.
At 3.15pm, it was trading at RM1.54, down one sen.
Berjaya Retail Bhd is the largest shareholder with 31.61% or 350.96 million shares while Eleven Malaysia Holdings Bhd owns 11.08% or 123 million shares.
Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar is the third largest shareholder with 9.84% or 109.289 million shares.
CIMB Equities Research is retaining its earnings forecasts and keeping to its Reduce call for the company.
Its target price of RM1.14 was based on an unchanged CY19F target price-to-earnings (P/E) multiple of 24 times, which was in line with the regional peer average.
“Valuations for the stock remain rich at 41 times FY17F and 36 times FY18F price-to-earnings (P/Es).
“Even though we are positive on management’s initiatives to drive down operational costs and improve efficiencies, we remain on the sidelines for now as we wait for the successful execution of its cost saving programme,” it said.