This article first appeared in The Edge Financial Daily on January 31, 2020
Engtex Group Bhd (-ve)
TRADING in shares of Engtex Group Bhd (fundamental: 0.35/3, valuation: 1.2/3) triggered our momentum algorithm yesterday for the first time this year.
The last time Engtex triggered the momentum algorithm was on Dec 12, 2019.
Shares in Engtex closed 1.78% or 1.5 sen lower at 83 sen, valuing the company at RM367.96 million. It saw a total of 3.34 million shares traded, exceeding its 200-day average trading volume of 581,253.5 shares.
For the third quarter ended Sept 30, 2019, its net profit slumped by 62.89% to RM1.11 million, from RM2.99 for the corresponding quarter last year on soft market demand and as well as increase in procurement and operating costs for certain metal-related trading products and manufactures steel products.
Revenue for the quarter shrank by 4.98% to RM299.46 million, from RM315.17 million previously. For the cumulative nine months ended Sept 30, 2019, the company’s net profit slumped to RM2.21 million from RM19.16 million for the same period of 2018.