Friday, June 20, 2014

Super Group - Very Peculiar

Super Group's price increased from the 52 weeks low of $1.34 on 18 June 2014 to close at $1.50 on 20 June 2014 on the back of higher  than average volume. This represents a price increase of about 11.9% within 2 days. (19 and 20 June). This large increase may be attributed to short sellers closing their positions or some buying from a big fish.

A look at the short selling volume these two days ( 19 and 20 June) is however utterly surprising to me.
20 June - 595,000 shorted
19 June - 593,000 shorted
18 June - 234,000 shorted
17 June - 193,000 shorted
16 June - 131,000 shorted
13 June - 120,000 shorted
12 June -120,000 shorted
The volume of Super Group shares shorted is increased more than two folds BUT instead of the the price decreasing, the price shoots up instead. Now this is peculiar. 

1)How accurate are these short selling figures? Short sellers are to declare that they short sell when they input the order. Anyone who declares that they short sell but doesn't is also guilty of wrong doing, but how does SGX enforce these? I wonder.

2) Assuming these figures are accurate, does this mean that the price will still continue to shoot up because those short sellers have to scramble to cover their positions(a.k.a buy back) as the tide seems to be going against them? 

3) Super Group has a share buy back mandate. Is the price increase attributed to company buy back? Or some existing substantial shareholders are buying back?We should know soon as they have 2 days to announce.

Now all this is very interesting and the worst thing for me is i have not accumulated enough. Anyway, did you know that Super Group actually sponsors a popular basketball group in the Philippines ( through the JV with San Miguel Purefoods) called San Mig Super Coffee Mixers.
It was a good feeling that during my due diligence in the supermarkets of Philippines that i saw people buying this. 


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