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This article first appeared in The Edge Financial Daily on February 27, 2020

Ornapaper Bhd (-ve)
TRADING of shares in Ornapaper Bhd (fundamental: 1.4/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the first time since Dec 4, 2019.

The corrugated board and carton manufacturer’s share price closed 20.54% or 23 sen higher at RM1.35, after 6.17 million shares were traded, over 46 times its 200-day average trading volume of 132,886 shares. It was the fourth top gainer across Bursa Malaysia yesterday.

The group announced an 83.1% jump in its net profit for the fourth quarter ended Dec 31, 2019 to RM5.31 million, from RM2.9 million a year prior, despite revenue slipping to RM90.9 million from RM93.74 million. Full-year net profit rose to RM13.2 million from RM9.43 million — despite revenue falling to RM331.58 million from RM349.85 million — thanks to better margins from lower cost of raw materials.

It declared a final dividend of three sen a share, payable on July 16.

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