Toyo Ink Group Bhd (-ve)
TRADING of shares in Toyo Ink Group Bhd (valuation: 1.2/3, fundamental: 1.25/3) triggered our momentum algorithm yesterday for the fourth time this year.
The stock closed nine sen or 9.52% lower at 85.5 sen yesterday, after 2.72 million shares were done, compared with its 200-day average trading volume of 2.71 million shares.
Yesterday, Toyo Ink, which announced an 85% slump in its second-quarter net profit, proposed the disposal of two parcels of vacant industrial land measuring 21,994 sq m in Mukim Kapar, Klang, Selangor for RM17.75 million. Proceeds from the proposed disposal would be allocated for working capital.
Its net profit for the quarter ended Sept 30, 2018 fell to RM61,000 from RM415,000 a year earlier — despite a 14% rise in revenue to RM23.34 million from RM20.5 million — as it registered a RM320,000 rise in operating expenses and a loss in other operating income.