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Hot Stock Poh Huat reaches all time high due to weakening ringgit
by Cals Thu 08 Jan 2015, 03:16
Hot Stock
Poh Huat reaches all time high due to weakening ringgit
KUALA LUMPUR (Jan 7): Poh Huat Resources Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) shares rose to an all-time high today, due to the weakening of ringgit.
At market close today, shares of the wood based furniture manufacturer rose 11% or 15 sen to an RM1.73, with some 1.76 million shares traded.
A company spokesperson who did not want to be named said that Poh Huat should see 30-40% gains in turnover, purely based on the currency gains alone.
“The weakening of ringgit is the major cause behind the rise of the share price,” he said.
According to him, Poh Huat was “lucky”, because it did not hedge forward last year, and now stands to benefit from the strengthening of the US dollar.
The spokesperson added that the company may see higher gains in the coming quarters from Vietnam, as the riots will no longer hinder sales.
According to theedgemarkets.com, Poh Huat has a score of 3 out of 3 for valuation, and a fundamental score of 2.1 out of 3 for the company.
Poh Huat reaches all time high due to weakening ringgit
KUALA LUMPUR (Jan 7): Poh Huat Resources Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) shares rose to an all-time high today, due to the weakening of ringgit.
At market close today, shares of the wood based furniture manufacturer rose 11% or 15 sen to an RM1.73, with some 1.76 million shares traded.
A company spokesperson who did not want to be named said that Poh Huat should see 30-40% gains in turnover, purely based on the currency gains alone.
“The weakening of ringgit is the major cause behind the rise of the share price,” he said.
According to him, Poh Huat was “lucky”, because it did not hedge forward last year, and now stands to benefit from the strengthening of the US dollar.
The spokesperson added that the company may see higher gains in the coming quarters from Vietnam, as the riots will no longer hinder sales.
According to theedgemarkets.com, Poh Huat has a score of 3 out of 3 for valuation, and a fundamental score of 2.1 out of 3 for the company.
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