POSH tumbled 7.9% to S$0.41, just off fresh 52-week low of S$0.395, on relatively heavy volume of 2.5m shares.
However, we could not find any negative news that can explain the fall.
We are in the midst of checking further with management.
Fundamentally, we have a HOLD on the stock with a fair value of S$0.50.
We note that POSH is currently trading below 0.5x book.
Technically, the daily technical indicators have turned negative once again, suggesting that there could be more near-term selling pressure.
Source : OCBC Investment Research