Hock Heng Stone Industries Bhd (-ve)
SHARES in Hock Heng Stone Industries Bhd (fundamental: 0.45/3, valuation: 0.9/3), which triggered our momentum algorithm for the first time this year, pushed the stock price up half a sen or 1.12% to 45 sen.
It saw some 45,800 shares traded versus the counter’s 200-day average volume of 112,401 shares.
Hock Heng Stone Industries’ net profit fell 48% year-on-year to RM226,000 from RM443,000 in the first quarter ended March 31, 2018, as revenue fell to RM8.17 million from RM9.27 million due to lower construction revenue because of the early stages of new projects.
Its directors believe the group’s prospects for the remaining periods of the financial year ending Dec 31, 2018 will remain favourable.
The stock has gained some 40.6% in the past one year. Its latest price gives Hock Heng Stone, which manufactures dimension stones in Malaysia, a market capitalisation of RM35.98 million.