Stock With Momentum: Yoong Onn Corp

This article first appeared in The Edge Financial Daily, on July 19, 2018.
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Yoong Onn Corp Bhd (-ve)

TRADING in Yoong Onn Corp Bhd (fundamental: 2.8/3, valuation: 2.6/3) shares triggered our proprietary momentum algorithm yesterday for the first time this year.

The stock closed four sen or 3.39% higher at RM1.22, with 395,200 shares changing hands, exceeding its 200-day average volume of 81,608 shares.

The home linen manufacturer’s net profit for the fourth financial quarter ended March 31, 2018 (4QFY18) rose to RM8.45 million from RM7 million a year ago. Quarterly revenue was 18% higher at RM54.68 million from RM46.34 million in 4QFY17.

At the current share price, Yoong Onn Corp is trading at 0.93 times its book value, giving it a market capitalisation of RM195.1 million.