Masteel declines 20% on late accounts submission

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KUALA LUMPUR (Apr 28): Malaysia Steel Works (KL) Bhd (Masteel) declined as much as 20% after the company announced that issuance of its audited financial statements (AFS) for financial year ended Dec 31, 2014 would be delayed.

Masteel (fundamental: 0.35; valuation: 1.4) fell as much as 16.5 sen to 66 sen before paring losses.

At 11.59am, the shares were traded at 66.5 sen with some 11 million units done. The stock was one of the top decliners across the bourse.

Yesterday, Masteel said its external auditors required more information to complete the audit before the financial statements could be submitted to regulators.

Masteel said it was working with its auditors to complete the audit expeditiously.

"The company expects its AFS 2014 on or before May 11, 2015, although the company is working towards its deadline of April 30, 2015," Masteel said.

(Note: 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.)