MGI CEO’s board appointment sparks AJA stock surge, MGI hits upper limit with 30% rise

TUESDAY, FEBRUARY 27, 2024
MGI CEO’s board appointment sparks AJA stock surge, MGI hits upper limit with 30% rise

In the morning session of Tuesday, AJ Advance Technology (AJA) stocks witnessed a robust surge of 27.59%, pushing its price up by 0.08% to 0.37 baht.

This surge was attributed to the market notification regarding Nawat Itsaragrisil’s appointment as a board member.

Simultaneously, the stock of Miss Grand International (MGI), of which Nawat is CEO, experienced a remarkable leap of 30%, pushing its price by 15 baht to 65 baht.

The jump was attributed to Nawat’s Facebook post, which detailed MGI’s upcoming project – “The Grand Concert: In New York, Washington DC, Miami, Los Angeles” scheduled for May 10 to 26. In the post, Nawat said the concert has received an overwhelming response with VIP tickets in nearly every city sold out. The concert features top MGI artists including Ing Fah and Charlotte.

The surge in MGI’s stock follows a one-day trading halt imposed by the Stock Exchange of Thailand last Friday due to trading condition alterations that deviated from fundamental factors.

As MGI resumes trading, the Stock Exchange of Thailand is advising investors to thoroughly assess fundamental information on MGI securities before making trading decisions.

During the period from February 6 to 22, MGI securities experienced a significant surge in trading activity, surpassing the company’s fundamental factors. Despite regulatory scrutiny, the stock price surged by 74% reaching an all-time high from 28.75 baht to 50 baht. The trading value ranked among the top three in the MAI market before the implementation of the highest regulatory measures.

Kijpol Praipaisankij, assistant managing director of UOB Kay Hian (Thailand), attributed the surge in MGI stock to two factors. Firstly, the financial performance in 2023, which showed a profit of 119 million baht (up by 149%), and secondly the evaluation of the business value in terms of affiliate marketing through social media channels like TikTok, which is considered a new trend.

Social media is increasingly used to support commerce, and when combined with a business model advocating quality products and services, it can generate a steady and substantial income.

MGI CEO’s board appointment sparks AJA stock surge, MGI hits upper limit with 30% rise


 

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