Formosa Prosonic Industries Bhd (+ve)
SHARES in Formosa Prosonic Industries Bhd (fundamental: 2.5/3, valuation: 1.4/3), which triggered our momentum algorithm last Friday, closed up six sen or 5.83% at RM1.09, its highest in 12 months, with a market capitalisation of RM269.62 million.
It saw 2.16 million shares done, compared with an average 256,778 shares traded in the last 200 days.
For the first quarter ended March 31, 2017 (1QFY17), its 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 1.09 times its book value.