(Updated)

Kein Hing share price jumps to record high

Kein Hing share price jumps to record high
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KUALA LUMPUR (July 30): Kein Hing International Bhd’s share price jumped as much as 10 sen or 8% to a record high of RM1.36 in Bursa Malaysia morning trade today, possibly in anticipation of the metal components supplier’s fourth-quarter and full-year financial results announcement. 

At 9.13am, Kein Hing had pared gains at RM1.29, with some five million shares traded.

At RM1.36, the company had a market value of about RM148.1 million based on its 108.9 million issued shares.

Its share price had risen to current levels from the closing price of 83 sen on July 22.

According to the company’s Bursa filing on May 31, it will use the time extension granted by Bursa to issue its quarterly financial report by tomorrow (July 31) instead of by June 30 as Kein Hing’s operations contended with Covid-19-driven movement restrictions in Malaysia and as the company’s Vietnam subsidiaries faced "challenges” due to the pandemic.

On March 26, Kein Hing said in a Bursa filing that its net profit rose to RM4.05 million for the third quarter ended Jan 31, 2021 (3QFY21), from RM733,000 a year earlier, while revenue climbed to RM66.21 million from RM51.88 million.

For the cumulative nine months ended Jan 31, 2021 (9MFY21), Kein Hing said net profit increased to RM8.87 million, from RM2.72 million a year earlier, while revenue was higher at RM186.43 million versus RM166.12 million.

Kein Hing said on its website that the group supplies metal components to various industries, including the automotive besides electrical and electronics (E&E) sectors.

The company said it also manufactures gas appliances under its own brand name “ZENNE”.

Chong Jin Hun