Insider Move: Disposition of 67m SYF Shares During Closed Period

MYX:SYF has been on the uptrend due to the positive sentiment towards furniture related counters in the times of Covid-19. From trading at 15.5c per share during the start of Malaysia's Movement Control Order ( MCO ), to a 52wk low point of 12c, the company is now trading at 46c per share. As observable from the chart, it is trending towards a high volume node in the range of 46c-47.5c. A breakout of this range would see it testing the 50c level.

Financially, its T4Q, though saw up and downs in QoQ performances, have improved significantly compared to the quarters' YoY performances. The positive momentum in earnings continued through its 1QFY21 as the company turned around to netting MYR 1.03m profit (QoQ 116.8%, YoY 125.6%) attributable to outstanding shareholders.

The company is due to report its 2QFY21 ending 31st July 2021, latest by end of March 2021, as investors await for the positive momentum in earnings to continue. The 67m SYF shares disposed by the company's founder, though substantial, only reducing the founder's direct substantial holding of the company to 42% at the date of writing.

With SYF price chart showing a clear uptrend nearing 52wk high of 50.5c and positive expectations of its earnings as the trend of Working From Home continues, it is definitely one to watch.


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