Despite the very demanding price-earnings multiple, Azlan Group Plc was certainly a trading buy at its 230 pence issue price the shares went to a tenpenny premium on the first day of trading and have been as high as 281 pence, but as we said at the time of the flotation, would-be long term holders of the shares might do well to wait for the next major market setback before buying (CI No 2,073): yes indeed – after the company’s profit warning last month, the shares are now at a 12 pence discount to the issue price, trading at 218 pence.
