Since my write-up on Gallant Venture in late Apr / early May, I have been looking at several companies. One of the companies which caught my eye was GP Batteries due mainly to the following factors:
1. It trades at an approximate 0.5x Price to book. NAV / share is 1.506.
2. GP Industries, a major shareholder of GP Batteries, bought an additional 1.764m shares from 18 Jun to 25 Jul. For the month of July alone, GP Industries has purchased 1.39m shares at an average gross price of $0.742 (excluding brokerage and stamp duty)
3. GP Batteries reported its 4QFY14 results on 29 May (year end Mar) with a net loss of S$52m vs 16m loss the previous year. Its stock price did not weaken much after the results but quickly rebounded approximately 49% from $0.535 in end May to …