INSIDER buying in Techtronic, Yeebo and Culturecom has highlighted the fact the market's rally over the past few months has left behind many smaller industrial companies. The top performers over the past few months were essentially Hong Kong' largest companies. With second-liners due to rerate, insider buying, which indicates that management believes the stocks offer value at current price levels, could be a signal as to which smaller companies will be the best performers. Sceptics need look no further than C P Pokphand, which has gained more than 30 per cent from $1.75 to $2.35 since our article on February 13 in which we noted that the controlling shareholders were buying shares substantially for the first time. Techtronic has seen its share price drop from $1.54 to 54 cents, or by 65 per cent, since September last year. As the chart shows, insiders have just started buying shares in the past month, as the counter approached 50 cents. In fact, chairman Horst Pudwill has been buying shares almost daily since mid-March. His buying coincided with the stock's steady rise to 54 cents from a low of 45 cents on March 20. From late 1993 through the middle of last year, insiders were sellers of the stock at levels above $1.40. Liquid-crystal display manufacturer Yeebo has seen its share price go in one direction lately as well. Since jumping to $1.40 from $1.10 in April last year, the share has fallen steadily and is now at 87 cents. The company embarked on an aggressive buy-back programme in October, which continued through January. A total of 12.5 million shares (2.8 per cent of issued share capital) were bought back at an average price of $1.11 a share. More notably, the controlling shareholder, Makie Hui, has been buying shares regularly since early March. Since March 3, he has spent $10.1 million buying 11 million shares in 10 separate transactions. Last but not least is newspaper and comic book publisher, Culturecom. It reported its first-ever company buy-backs and first substantial insider buying last month. Culturecom's share price has fallen 81 per cent since October 1993, dropping from $1.95 to 37 cents, and was as low as 31 cents in February. Last month, the company moved into the market and bought 2.6 million shares. Chairman L Y Tang bought 1.4 million shares at an average of 38 cents each.