Formosa Prosonic Industries Bhd (-ve)
SHARES in Formosa Prosonic Industries Bhd (fundamental: 2.5/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the seventh time this year.
The counter closed up three sen or 2.94% at RM1.05, with 1.23 million shares done, compared with its 200-day average volume of 232,946 shares. Over the past 12 months, the stock price has climbed 34.62% from 78 sen.
In its first quarter ended March 31, 2017 (1QFY17), net profit surged 11 times to RM8.94 million or 3.6 sen per share, from RM793,000 or 0.3 sen per share in 1QFY16, due to higher sales and foreign exchange gains.
Quarterly revenue grew 9.19% to RM75.53 million, from RM69.17 million. The improved sales were due to higher customer orders. Besides Malaysia, the group also derives sales from the UK.
At the current share price, Formosa is trading at 1.06 times its book value.