Mieco Chipboard Bhd (+ve)
TRADING of shares in Mieco Chipboard Bhd (fundamental: 0.45/3, valuation: 1.8/3) triggered our momentum algorithm yesterday for the first time this year. The group saw 12.86 million shares traded compared to its 200-day average of 2.47 million.
Mieco posted a net loss of RM7.14 million for the first quarter ended March 31, 2018 compared to a net profit of RM5.52 million a year ago. The quarter revenue of RM80.61 million was 2.4% lower against RM82.60 million a year ago. In a filing with Bursa Malaysia, Mieco said the loss mainly resulted from lower plain board average selling price, lower sales volume from Mieco Manufacturing Sdn Bhd and higher wood material price.
The stock fell 0.5 sen or 0.98% to close at 50.5 sen, leaving it with a market capitalisation of RM265.13 million.
Mieco was last traded at 0.67 times its book value.