Thursday 28 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on October 21, 2019

Wah Seong Corp Bhd (-ve)
TRADING of shares in Wah Seong Corp Bhd (fundamental: 0.55/3, valuation: 1.1/3) triggered our momentum algorithm last Friday for the first time this year.

The counter rose two sen, or 2.06%, to close at 99 sen, with a market capitalisation of RM762.76 million. A total of 7.18 million shares changed hands, 12 times more compared with its 200-day average volume of 590,438 shares.

Wah Seong saw its net profit fall 8.6% to RM19.24 million for the second quarter ended June 30, 2019 (2QFY19) from RM21.04 million a year ago, on lower contributions from the oil and gas segment. Quarterly revenue was relatively flat at RM757.42 million compared with RM760.01 million for 2QFY18.

The weak quarterly earnings dragged down the group’s net profit for the cumulative six months ended June 30, 2019 (1HFY19) by 21.6% to RM39.44 million from RM50.29 million a year ago, while revenue declined 7.2% to RM1.441 billion from RM1.553 billion for 1HFY18.

      Print
      Text Size
      Share