Poh Kong Holdings Bhd (-ve)
TRADING of shares in Poh Kong Holdings Bhd (fundamental: 1.15/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the second time this year.
The stock closed half a sen or 0.93% lower at 53 sen yesterday, with one million shares done, compared with its average 66,610 shares recorded in the past 200 days.
Last week, the jeweller announced 25% growth year-on-year in net profit for the third quarter ended April 30, 2019 to RM5.39 million, from RM4.31 million a year earlier, riding on the back of an uptrend in gold prices. However, quarterly revenue came in marginally lower at RM236.37 million, compared with RM240.44 million previously, due to softer demand for gold jewellery products, the group said.
For the cumulative nine months, Poh Kong recorded a net profit of RM15.31 million, up 5.7% from RM14.48 million in the same period last year, while revenue grew 5.1% to RM768.65 million from RM731.35 million.