Magni-Tech Industries Bhd (-ve)
SHARES in Magni-Tech Industries Bhd (fundamental: 2.8/3, valuation: 2.1/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed up five sen or 1.16% at RM4.35, after 619,300 shares were traded, compared with its 200-day average volume of 135,627 shares.
Magni-Tech saw a 51.1% rise in earnings to RM23.5 million for the first quarter ended July 31, 2016 (1QFY17), from RM15.6 million a year ago, as revenue for the quarter climbed 40% to RM271.4 million from RM193.8 million.
It also declared a single-tier interim dividend of five sen amounting to RM8.13 million for FY17, which represents a 34.6% payout ratio. The entitlement date is Oct 13, 2016, and payment will be made on Oct 28, 2016.
At the current share price, Magni-Tech is trading at 2.2 times its book value.