TIMES ELECTRIC's stock surged 5.22% during intraday trading on Wednesday, staging a significant rebound in the market session.
The sharp rise appears to be driven by the company's substantial share repurchase program, where it bought back approximately 5.08 million H-shares for about HKD 175 million. This buyback, representing around 1.04% of the issued share capital, has bolstered investor confidence in the company's valuation and future prospects.
Adding to the positive sentiment, Morgan Stanley recently raised its target price for TIMES ELECTRIC to HKD 58, citing a favorable outlook for the company. These developments have helped offset concerns that arose from the company's first-quarter report, which showed deteriorating operating cash flow.
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