Friday 29 Mar 2024
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Techfast Holding Bhd (+ve)

A private placement exercise and the release of the annual audited accounts of Techfast Bhd (Fundamental: 1.95/3, Valuation: 0.3/3) saw the counter see-saw from a low of 19 sen to a high of 20.5 sen last Friday. As of yesterday, 530,000 shares changed hands, almost 10 times higher than the average 200-day trading volume. Despite this, the stock closed 4.88% lower at 19.5 sen.

Techfast plans to raise up to RM 2.75 million from the private placement exercise. The proceeds will be utilized to purchase inventories for the purpose of expansion of its fastener business in the US and Europe. It also plans to expand its rubber sheets and LED encapsulant business to China.

For FY2014, net profit for increased from RM 1.79 mil to RM 1.84 million, although revenue fell slightly to RM 20.2 million from RM 20.4 million, thanks to better performance from the rubber sheet segment. Techfast Bhd specialises in the manufacture and distribution of high precision computer components, electronic hardware and telecoms components.

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This article first appeared in The Edge Financial Daily, on April 28, 2015.

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