Panasonic Manufacturing Malaysia Bhd (-ve)
TRADING of shares in Panasonic Manufacturing Malaysia Bhd (fundamental: 2.20/3, valuation 1.10/3) triggered our momentum algorithm last Friday for the first time this year.
The stock closed two sen or 0.05% lower to RM38.24 last Friday, valuing the group at RM2.33 billion.
Some 376,700 shares were traded versus its 200-day average volume of 24,977 shares.
For the first financial quarter ended June 30, 2018, Panasonic posted a 36.5% fall in net profit to RM25.14 million, from RM39.58 million a year earlier, on lower revenue, as well as a derivative loss of RM11.3 million compared to a derivative gain of RM1 million previously.
Quarterly revenue slipped 6.8% to RM305.57 million, owing to lower sales in the export market for both home appliances and fan products.
Looking ahead, the electrical products manufacturer said export market conditions are set to remain volatile and the performance of the group could also be further impacted by the volatility of the ringgit.