KUALA LUMPUR (Nov 16): Ge-Shen Corp Bhd, which saw its share price touch a historic high today, said it is unaware of any reason that could account for the sharp rise of its share price.
In its reply to Bursa Malaysia's unusual market activity (UMA) query issued earlier today, the company said it does not have any corporate development that had not been previously disclosed that might account for the UMA, nor any rumour or report concerning the business and affairs of the group.
Ge-Shen shot up 18 sen or 7% to as high as RM2.13 earlier today, before paring some gains and ending the day at RM2, up 11 sen or 5.82% from Friday's close.
Its share price, which began climbing significantly since mid-July (it was trading at 75 sen on July 1), had risen more than 58% since the beginning of November, when it was trading at RM1.26, after announcing its latest quarterly results.
Ge-Shen is involved in the manufacturing of high precision plastic components used in the manufacturing of computer peripherals, information and technology products, electronics and electrical related products and automotive product.
Its net profit for the latest quarter ended Sept 30, 2015 (3QFY15) came in over 25 times higher at RM7.39 million compared with RM288,000 in the same quarter a year ago, mainly due to the contribution of a newly acquired subsidiary, seasonally higher production volumes, and better results from its plastic segment.
The disposal of loss-making subsidiaries also helped.
Revenue for the quarter was up almost ninefold to RM10.86 million from RM1.28 million in 3QFY14.
This sterling 3QFY15 results saw its cumulative nine months' net profit almost doubling to RM45.12 million from RM24.69 million, while revenue rose 44.71% to RM99.08 million from RM68.47 million last year.
(Notes: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)