Rhone Ma Holdings Bhd (-ve)
SHARES in Rhone Ma Holdings Bhd (fundamental: n/a, valuation: n/a) triggered our momentum algorithm yesterday for the first time this year.
The counter closed unchanged at 96 sen, giving it a market capitalisation of RM160.19 million, after 844,500 shares changed hands, which was above its 200-day average volume of 170,303 shares.
Rhone Ma’s net profit slipped in the first quarter ended March 31, 2018 (1QFY18) to RM3.26 million from RM3.38 million a year ago, despite revenue growing to RM41.94 million from RM30.97 million. The revenue rise was mainly due to an increase in revenue from animal health products.
On April 1, Rhone Ma signed a distribution agreement with Zoetis Malaysia Sdn Bhd for the distribution of its animal health products related to poultry. Previously, it signed another distribution agreement with Ceva for the exclusive distribution of its swine-related animal health products.
Both agreements are expected to contribute positively to its earnings and net assets per share for FY18.