Poh Kong Holdings Bhd (-ve)
TRADING of shares in Poh Kong Holdings Bhd (fundamental: 1.15/3, valuation: 1.4/3), which triggered our proprietary momentum algorithm last Friday for the first time this year, closed unchanged at 50.5 sen, with a market capitalisation of RM207.23 million.
A total of 226,400 shares were done, versus the counter’s 200-day average trading volume of 60,932.5 shares.
Last week, the jeweller announced a 25% growth year-on-year in net profit for the third quarter ended April 30, 2019. Its quarterly net profit leapt to RM5.39 million from RM4.31 million previously, riding on the back of an uptrend in gold prices.
However, quarterly revenue came in a marginally lower at RM236.37 million compared with RM240.44 million a year ago, due to softer demand for gold jewellery products, according to its exchange filing this evening.
For the cumulative nine-month period (9MFY19), Poh Kong recorded a net profit of RM15.31 million, up 5.7% from RM14.48 million in the same period a year ago, while revenue grew 5.1% to RM768.65 million from RM731.35 million in 9MFY18.