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 third time this year. The counter last triggered our algorithm on June 26. The counter closed 2.02% or a sen higher to 50.5 sen — valuing the company at RM207.23 million — with 454,600 shares traded compared with its 200-day average trading volume of 79,125 shares.
For the third financial quarter ended April 30, 2019 (3QFY19), Poh Kong’s net profit rose 25.1% to RM5.39 million, from RM4.31 million a year ago. Quarterly revenue, however, fell a marginal 1.7% to RM236.37 million, from RM240.44 million in 3QFY18. The group attributed the improved earnings for 3QFY19 to an uptrend in gold prices, while the drop in revenue was due to a decrease in demand for gold jewellery.