Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on October 5, 2016.

 

Johore Tin Bhd (-ve)

SHARES in Johore Tin Bhd (fundamental: 1.0/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the second time this year.

The counter closed up 2 sen or 2.27% at 90 sen yesterday, with a volume of 7.73 million shares, far exceeding its 200-day average volume of 288,704 shares.

On Sept 28, Johore Tin announced a share split involving the subdivision of every one existing share into two split shares with the entitlement date of Sept 19, 2016. Concurrent with the share split, it plans to issue up to 62.2 million bonus shares to reward its shareholders on the basis of one bonus share for three subdivided shares with the same entitlement date.

This year, Johore Tin’s share price has been steadily increasing since its drop of almost 25% or 20 sen to 61 sen on March 8, from 81 sen on Feb 22. For the second quarter ended June 30, 2016, it recorded a net profit of RM9.37 million, compared with RM6.7 million a year ago.

Its revenue rose 1.52% to RM115.4 million from RM113.63 million previously. Currently at 90 sen, it is trading at 0.40 times its book value.

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