Monday 2011-08-29  14:55 Publisher: CapitalVue
August 29 – Dymatic Chemicals (002054.SZ) plans to buy back a maximum of seven million of its own shares at 12 yuan each for no more than 55 million yuan, reports the Shanghai Securities Journal, citing a company filing. The repurchase accounts for 2.2 percent of total equity, the source noted.

The firm will purchase one million shares within one month and another six million shares by the end of 2011. As of June 30, net asset totaled 1.42 billion yuan. The repurchase costs an estimated 2.73 percent of total assets.

The company believes its stock is undervalued in light of its profitability and intrinsic value.

The firm posted a 35.56 percent year-on-year drop in interim net profits to 41.12 million yuan with gross profit margin of 30.6 percent, down 5.23 percent. Sales revenues grew 1.28 percent to 503.85 million yuan.

Source:CapitalVue