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NewsStock With Momentum: Wong Engineering Corporation
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Stock With Momentum: Wong Engineering Corporation
by Cals Tue 09 Jun 2015, 08:23
Stock With Momentum: Wong Engineering Corporation
Wong Engineering Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
WONG (Fundamental: 1.25/3, Valuation: 0.3/3), a manufacturer of high precision component parts, saw higher trading activity since announcing Bursa’s approval on its proposed special issue and rights issue. The stock closed 4.0% higher at 65.5 sen last Friday.
The proposed special issue and rights issue, involving up to 27.5 million and 59.594 million new shares, respectively, were in conjunction with its proposed joint venture and diversification into facility management business.
In January, it had entered into a JV agreement with Widad Builders Sdn Bhd to participate in a facility management contract for JB Sentral building in Bukit Chagar, Johor Baru. The JV is expected to contribute 25% or more of its net profits in the future.
Wong has been in the red for the last 2 years. For 1QFYOct2015, net loss narrowed to RM1.0 million, from RM1.6 million in 1QFY2014.
The stock trades at 1.04 times book. The company last paid dividends for FY2009.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on June 8, 2015.
Wong Engineering Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
WONG (Fundamental: 1.25/3, Valuation: 0.3/3), a manufacturer of high precision component parts, saw higher trading activity since announcing Bursa’s approval on its proposed special issue and rights issue. The stock closed 4.0% higher at 65.5 sen last Friday.
The proposed special issue and rights issue, involving up to 27.5 million and 59.594 million new shares, respectively, were in conjunction with its proposed joint venture and diversification into facility management business.
In January, it had entered into a JV agreement with Widad Builders Sdn Bhd to participate in a facility management contract for JB Sentral building in Bukit Chagar, Johor Baru. The JV is expected to contribute 25% or more of its net profits in the future.
Wong has been in the red for the last 2 years. For 1QFYOct2015, net loss narrowed to RM1.0 million, from RM1.6 million in 1QFY2014.
The stock trades at 1.04 times book. The company last paid dividends for FY2009.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on June 8, 2015.
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