Solid Automotive Bhd (-ve)
TRADING of shares in Solid Automotive Bhd (fundamental: 0.75/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the seventh time this year. The last time the counter triggered our momentum algorithm was last Friday.
Solid Automotive shares closed 6.56% or two sen lower at 28.5 sen. Some 6.06 million shares were traded, more than four times the counter’s 200-day average trading volume of 1.36 million shares.
Solid Automotive’s net profit for the second quarter ended Oct 31, 2019 fell to RM112,000 from RM715,000 a year earlier, due to higher operating expenses, though revenue doubled to RM72.03 million from RM35.86 million.
For the cumulative six months ended Oct 31, 2019, the group’s net profit rose 28% to RM1.09 million from RM851,000, while revenue more than doubled to RM137.08 million from RM65.36 million.
Solid Automotive is involved in the trading of automotive electrical parts and components.