Wong Engineering Corp Bhd (-ve)
Trading of shares in Wong Engineering Corp Bhd (fundamental: 2.1/3, valuation: 2/3) triggered our momentum algorithm yesterday for the third time this year.
The counter closed 5.17% or three sen lower at 55 sen, after 538,100 shares were traded, almost 10 times higher than its 200-day average trading volume of 57,141 shares.
Last Thursday, the group announced that its net profit for the fourth quarter ended Oct 31, 2019 came in at RM3.87 million, about four times higher than last year’s RM1.02 million, on gains from the disposal of other investments during the quarter as compared to some fair value losses reported last year. Besides that, it also enjoyed higher profit from its construction and property development due to improved margin.
Its quarterly revenue grew 17.7% to RM18.79 million from RM15.95 million on higher progress billings from construction and property development. The group declared a final dividend of one sen per share.