What is MM’s view on Nickel Industries Ltd (NIC)
Hi James, Shawn and the MM team, Thanks for good feedback that you have given to my questions. This is much appreciated. NIC’s share price has fallen from over $1.00 in Feb 23 to a close of $0.685 on 6/2/24. NIC has a PE of 10.2 and Div Yd of 7.8%. Bell Potter has a target price of $1.53; and all 3 stockbrokers covered by FnArena have a “BUY” rating. Although the price of Nickel has fallen 40% in a year, and a number of local Nickel miners have suspended operation; NIC has recently announced increased dividend and a US$100m share buyback to be conducted over a 12-month period. Moreover, I have noticed that Insiders have purchased over $26 million shares since April 23, including $2.9 million from Justin Werner, MD of NIC. I would like to hear what is your opinion on NIC short to medium terms. Thanks again for the good work that you have put in. Best regards, Peter Wong