This article first appeared in The Edge Financial Daily, on January 19, 2016.
Nylex (M) Bhd (-ve)
Shares of Nylex (Fundamental: 0.75/3, Valuation: 2/3) rose 1.6% to close at 64.5 sen yesterday. Some 1,147,300 shares changed hands, compared with its average 200-day volume of 106,011 shares.
Nylex last featured in our “Stocks with Momentum” on November 18, 2015 and had risen by 4.0% ever since.
For the first quarter ended Aug 31, 2016 (1QFY16) results, Nylex saw its revenue decline 10% y-y to RM322.8 million, hit by weaker demand in the polymer division and lower selling prices for industrial chemicals following significant drop in crude oil prices. Net profit also fell 41.5% to RM1.7 million.
According to Bursa Malaysia filing, the group had buy back an accumulated of 63,200 units shares since December 2015.
The group mainly manufactures and trades polymer and industrial chemical products, including geotextiles, vinyl-coated fabrics, and petrochemicals. In FY15, domestic market contributed 48.8% of its revenue, with the remainder derived from export markets including Singapore, Indonesia and Vietnam.