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Stock With Momentum: Formosa Prosonic Industries
by Cals Wed 11 Nov 2015, 22:08
Stock With Momentum: Formosa Prosonic Industries
By Asia Analytica / The Edge Financial Daily | November 11, 2015 : 10:18 AM MYTThis article first appeared in The Edge Financial Daily, on November 11, 2015.
[size=16]Formosa Prosonic Industries Bhd ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 1.65) (+ve)
FPI (Fundamental: 1.65/3, Valuation: 2/3) rose 9.4% to an intraday high of 81.5 sen on Monday, following the announcement of stellar 3Q2015 results last Friday. The stock closed up 7.4% at 80 sen.
For 9M2015, net profit grew 28.6% y-y to RM10.3 million despite a 1.1% decline in revenue. The improved performance was attributed to higher domestic sales in 3Q, higher share of profit from an associate, and forex gains of RM5.4 million.
Primarily involved in the manufacture and sale of high quality speaker systems, FPI’s clients include multinational companies like Sony, Sharp and Panasonic. In 2014, domestic sales accounted for some 54% of revenue, with the remainder derived from exports to China, UK, US, and Japan.
The company is in the midst of disposing its Chinese operations to Tonly International Ltd for US$14.3 million (RM62.8 million). Proceeds from the sale will be channelled towards investment in new operations or business and working capital purposes.
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