KUALA LUMPUR (June 26): Shares of thermo-vacuum-formed plastic packaging products manufacturer SCGM Bhd, whose share price hit a record high yesterday, fell this morning on profit taking after it proposed a bonus issue of 40 million new shares on a one-for-two basis.

At 9.45am, SCGM fell 1.35% or five sen to RM3.65 with 36,100 shares done.

SCGM (fundamental: 1.5; valuation: 1.5) told Bursa Malaysia this evening that the bonus issue is the most appropriate avenue of rewarding the existing shareholders, while simultaneously enhancing its capital base.

Its share price has been on the rise from RM1.81 on Jan 2 to RM3.70 today. The stock has more than doubled year to date, with a market capitalisation of RM296 million.

(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.)