Stock With Momentum: Toyo Ink Group

This article first appeared in The Edge Financial Daily, on November 28, 2018.
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Toyo Ink Group Bhd (+ve)
TRADING of shares in Toyo Ink Group Bhd (fundamental: 1.25/3, valuation: 1.2/3) triggered our proprietary momentum algorithm yesterday for the third time this year.

The stock finished 13 sen or 15.95% higher at 94.5 sen, with a market capitalisation of RM101.12 million. A total of 2.89 million shares were traded compared with the counter’s 200-day average trading volume of 257,417 shares.

Toyo Ink Group managing director Song Kok Cheong has earlier guided a better performance for its financial year ending March 31, 2019 (FY19) compared with FY18, given that the group had disposed of some of its underperforming businesses.

The group last week monetised two parcels of vacant industrial land in Klang, Selangor in a sale to Main Market-listed Choo Bee Metal Industries Bhd, for a total consideration of RM17.76 million.