Stock With Momentum: Yoong Onn Corp

This article first appeared in The Edge Financial Daily, on March 4, 2019.
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Yoong Onn Corp Bhd (+ve)
TRADING of shares in Yoong Onn Corp Bhd (fundamental: 2.55/3, valuation: 3/3) triggered our momentum algorithm last Friday for the first time this year. The last time it was listed as a Stock with Momentum was in July 2018.

A total of 463,300 shares crossed last Friday, exceeding the counter’s 200-day average of 69,359 shares, before it closed seven sen or 6.6% higher at RM1.13, giving it a market capitalisation of RM180.7 million.

Yoong Onn reported last Thursday that its half-yearly net profit grew 29% to RM14.23 million, from RM11.03 million in the same period a year ago. Cumulative revenue was 13% higher at RM114.25 million, from RM101.04 million previously.

The group — a designer, manufacturer, distributor and retailer of home linen and bedding accessories — said it saw higher sales from new retail outlets and higher consignment sales.