*Updated on market close, with share price chart*
KUALA LUMPUR (June 1): Non-woven fabric manufacturer Oceancash Pacific Bhd's shares, which jumped as much as 30 sen or 41.67% to hit limit up today, closed at its all-time high of RM1.01, likely in anticipation of stronger demand for its non-woven products, which are used for disposable hygiene products like facemasks.
On market close, the Main Market listee's shares, which rose to as high as RM1.02 sen earlier, was still up 29 sen or 40.28%, which gave it a market capitalisation of RM247.75 million.
The stock saw 128.13 million shares done, about 22 times its 200-day average trading volume of 5.88 million shares. The counter was also picked by Asia Analytica as a stock with momentum at the noon market close today.
On a year-to-date basis, the counter has more than doubled from the 44 sen it was trading at on Dec 31, 2019.
Demand for non-woven fabric, in particular thermal non-woven fabric, has skyrocketed since the Covid-19 outbreak.
According to its website, Oceancash's wholly-owned Oceancash Nonwoven Sdn Bhd manufactures and trades air-through bonded non-woven and thermal bonded non-woven fabric, which is widely used in disposable hygiene products.
“Its application includes top-sheets, second layer, acquisition distribution layer (ADL), and back-sheet for diapers, sanitary napkins, wet wipes, and surgical apparels including caps, masks, and gowns,” it said.
The group made a net profit of RM7.11 million for its financial year ended Dec 31, 2019 (FY19), up 16.9% from RM6.08 million in FY18 amid higher sales, with revenue expanding 4.9% to RM89.34 million from RM85.18 million.