KUALA LUMPUR (Jan 15): Rapid Synergy Bhd and YNH Property Bhd, companies linked to prominent investor Datuk Dr Yu Kuan Chon, saw their stocks hit fresh lows on Monday with double-digit percentage drops.
Industrial mould manufacturer Rapid Synergy was the day’s top loser on Bursa Malaysia. It fell as much as 14.36% or RM1.34 to RM7.99 before paring some of its losses to close at RM8.06, down 13.61% or RM1.27.
This is its lowest level since August 2021, and brought the company’s market capitalisation to RM862 million. Some 602,400 million shares were traded. The loss on Monday was, however, less severe compared to the previous trading days with the stock hitting limit down on three straight days last week.
Rapid Synergy has come down by 71% altogether since Jan 4, when it closed at RM27.70, with a RM2.11 billion erosion in market value.
As for YNH Property, it was the day’s third-largest loser on the local bourse. The counter fell as much as 12.14% or 34 sen to RM2.46 before ending the day at RM2.47, a level it has not seen since April 2020. At RM2.47, the company’s market capitalisation is RM1.31 billion.
Cumulatively, YNH Property has lost 43% since Jan 4 when it closed at RM4.35.
Dr Yu is the single largest shareholder in YNH Property with a 32.58% stake. His stake in Rapid Synergy is 22.8%.
Meanwhile, agrochemicals and pest control-related products manufacturer Imaspro, in which Dr Yu holds the second-largest stake of 14.6%, came under less severe selling pressure.
The counter pared some losses to close at a six-year low of RM1.57 after falling three sen or 1.88%. It had earlier in the day fallen by as much as 8.13% or 13 sen to RM1.47. Cumulatively, the stock has depreciated 57% from RM3.64 on Jan 8.
At RM1.57, the stock is valued at RM126 million.
In response to unusual market activity (UMA) queries from Bursa Malaysia, Rapid Synergy and YNH Property said last week that they were exploring proposals to sell some of their landed properties.
Meanwhile, Imaspro said there was no corporate development in the company that has not been previously announced that may account for its sharp drop in price.
Yu, who is the chairman and executive director of YNH Property, has said that the current sell-off does not impact the business operations and strategic direction of the company.
“In relation to the reason behind the sell-off of YNH shares and the movement of its share price, we are not able to speculate as the trading of shares and share price movements are determined by market forces,” Yu was quoted as saying in the Jan 15-21 edition of The Edge Malaysia weekly. “It is business as usual and YNH Property will continue to be focused on delivering tangible value creation to its shareholders and stakeholders in a sustainable manner.”
“YNH Property remains cautiously optimistic about [the] property market moving forward. We are pleased to note that our current project, Solasta Dutamas, is doing well as the first two towers have garnered a positive response from prospective home buyers,” he added.
Solasta Dutamas has a gross development value (GDV) of RM771 million, which will contribute positively to the company for the financial years 2024 and 2025, said Yu.
In addition, Yu said YNH Property is preparing to launch several property developments, including the first phase of a project in Genting Highlands, which has a GDV of RM700 million.
The group is also planning to venture into property projects in Negeri Sembilan after securing a development order from the Kuala Pilah District Council for a 2,200-unit mixed-use township with an estimated GDV of RM600 million.
Yu has declined to comment on Rapid Synergy and Imaspro as he has no management role in these companies.
Three Dr Yu-linked counters top Bursa’s losers list
Dr Yu-linked Rapid Synergy gets UMA as shares plummet; YNH, Imaspro on wild swing
Dr Yu’s stocks remain as selling targets, Rapid Synergy hits limit down
Rapid Synergy hits another limit down on Thursday morning while YNH, Imaspro still under selling pressure
Rapid Synergy highlights proposed disposal of landed properties in UMA reply, hits limit down for second straight day
YNH Property echoes Rapid Synergy, says mulling sale of properties in response to UMA
Rapid Synergy hits limit down for third straight day; Imaspro gains buying support
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