Wee Hur Holdings Ltd. (SGX) has shown significant stock price movements, mainly driven by strong earnings and corporate activities.
One significant factor was the company’s disposal of a stake in one of its subsidiaries related to student accommodation in Australia. This sale, announced in August, drew positive attention from investors, pushing the stock price up.
Additionally, Wee Hur’s financial results for the first half of 2024 showed a strong performance, which further buoyed market confidence. The company’s construction projects and ventures in Australia continued to contribute positively to its overall profitability.
The company reported robust results for the first half of 2024, with sales reaching SGD 109.12 million, a notable increase from the previous year’s SGD 99.21 million. Net income also surged to SGD 66.5 million, reversing a net loss of SGD 21.83 million in the prior period. This financial performance likely fueled investor optimism and boosted the stock price.
There was unusual trading volume, suggesting heightened interest from investors. The market response has been supported by positive developments such as leadership changes in the company’s construction segment, particularly with the promotion of a new CEO in August 2024.
From a technical analysis standpoint, the stock has broken through key resistance levels with high trading volumes, indicating a potential continuation of the upward trend. However, investors should remain cautious of potential volatility given the rapid price increase.
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