Listed Tourism Holdings Ltd has seen a second surge in its share price in less than a month, gaining a further 27% in value during January to trade above $1 this week.
On November 24, its shares were at 68c, then leapt to 80c, prompting a "please explain" inquiry from the NZX at the time.
Since January 5, the shares have gained a further 27%, plus some gains yesterday, with trading on normal volumes but up 7% at $1.05 about midday.
Forsyth Barr regional manager Ken Lister said other than expectations of a good half-year result, due on February 24, he was unsure what had prompted the overall surge from 68c to $1.01 yesterday.
"There's still a lot of undervalued shares out there. The market is looking at deeply discounted stock," Mr Lister said.
Craigs Investment Partners broker Chris Timms believed investors saw not only a positive result ahead in February, but were anticipating a "huge lift" in camper van use when tens of thousands of tourists arrived in New Zealand for the Rugby World Cup next year.
Tourism Holdings had sold its Kelly Tarlton's aquarium, Red Boats operation in Milford Sounds and the Intercity joint venture, to leave it operating its tourism rentals division, motor home manufacturing and a small range of tourism operations.
Forsyth Barr maintains a buy recommendation and stock valuation of $1.33 on Tourism Holdings, while Craigs has a hold and 80c per share target price.
In reply to the inquiry from the NZX in November, Tourism Holdings chief financial officer Ian Lewington said the company complied with listing rules, meaning it had disclosed all information to the marketplace which might affect its share price.
