Checked its share capital and other relevant info and found the following:
For both Last FYE 31/12/14 and Last 4Q 31/12/14:
Revenue: Rm186.251 million
Net Profit: Rm1.961 billion
EPS: 290.63 sen
P/E Ratio: 0.17
Dividend: 272 sen per share
Dividend Yield: 584.95%
No. of shares: 707.953 million
Par Value: 0.10
Paid up capital: Rm70.795
Market Capitalization: Rm329.198 million
When I checked the price late this morning, the trading volume was way below 100,000 and the price moved up only 1.5 sen at 45.5 sen.
Then I suppose, rumours spread a bit (though the good things already happened) and at 3.20pm, the last done price was 47 sen and the volume was already 136,000!
I suppose, even with incorrect information, with enough people chasing the shares, its price can go up a bit.
Further information revealed the following events which explains why the price was unexciting:
The current Cum price refers to the 3rd Interim Single Tier Dividend of 1.75 sen per share;
A Special ST Dividend of Rm2.65 per share had gone Ex since 10/12/14! Lodgement date was 12/12/14 and payable on 24/12/14.
The market did react to the news (though I wasn't aware) because the highest price for the past year was Rm3.00 on 28/11/14 and the lowest was 25 sen on 15/12/14.
In other words, almost all the extraordinary earnings had been paid out to shareholders: each shareholder holding 1,000 shares would have received Rm2650 in Special Dividend.
Like the masked magician revealing the tricks, now we know why the price shot up and how it was done! It would be naive to think there were no insiders trading and made good gains from the information.