This article first appeared in The Edge Financial Daily, on February 2, 2016.
See Hup Consolidated Bhd (-ve)
THINLY-TRADED shares of Penang-based logistics company See Hup (Fundamental: 0.75/3, Valuation: 1.2/3) rose 6.96% or 8 sen to RM1.23 last Friday.
For the first half ended Sept 30, 2015 (1HFY16), See Hup posted a net loss RM405,000 compared with a net profit of RM102,000 a year ago. It should be noted, though, the profit in 1HFY15 included one-off gains of RM128,000 — without which it would have made a net loss of RM26,000.
On Nov 3, See Hup completed the disposal of three parcels of development land for RM17.6 million, bulk of which will be utilised for working capital purposes.
On Nov 30, it declared an interim dividend of 4.5 sen per share (ex-date: Jan 6), giving a yield of 4.2%.
On Dec 2, See Hup announced that it is tying up with Tokyo-listed logistics player Maruzen to set up a joint venture company, which is expected to provide See Hup an edge over its competitors with value-added freight and forwarding services.