Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on May 31, 2016.

 

Tong Herr Resources Bhd (-ve)

Tong Herr Resources Bhd (fundamental: 1.85/3, valuation: 1.8/3), which saw its share price rose 10 sen or 4.88% to RM2.15 yesterday, has triggered our momentum algorithm for the first time.

The stainless steel fasteners manufacturer saw 212,200 shares traded, compared with its 200-day average volume of 42,438 units.

The group recently announced a final single-tier dividend of 10 sen per share for the year ended Dec 31, 2015, payable on June 24. At its current share price of RM2.15, the dividend yield stands at 4.65%.

The group also saw its profit more than double to RM16.48 million for the first quarter ended March 31, 2016, compared with RM7.34 million a year ago, due to a reclassification adjustment upon disposal of its foreign operation, Fuco International Co.

Revenue, however, declined to RM142.44 million from RM158.83 million a year ago, due to a drop in selling prices and customer demand.

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