Hot Stock Kein Hing surges 21.8% after reporting improved 2Q profit

by **Cals** Thu 17 Dec 2015, 21:02

Hot Stock

[size=28]Kein Hing surges 21.8% after reporting improved 2Q profit

By Gho Chee Yuan / theedgemarkets.com | December 17, 2015 : 10:08 AM MYT

KUALA LUMPUR (Dec 17): Shares in Kein Hing International Bhd ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 0.85) surged as much as 14.5 sen or 21.8% in the early trades today after posted improved earnings in its second financial quarter financial year 2016 (2QFY16).

At 9.37am, the stock was traded at its highest so far at 80.5 sen, after some 988,600 shares changed hands, making it the sixth most largest gainer across the bourse.

It was closed at 66.5 sen yesterday with a trading volume of 14,000 shares. The current price valued it at RM65.84 million.

The metal components and home appliances trader told Bursa Malaysia yesterday that its net profit for the 2QFY16 ended Oct 31, 2015 jumped more than four folds to RM3.05 million or 3.08 sen per share on better sales.

It posted a net profit of RM535,000 or0.54 sen per share in 2QFY15.

Quarter revenue came in 21.25% higher at RM59.37 million from RM48.93 million a year earlier due to increase in sales order from metal components particularly for customers that produced home appliances and printers.

For the cumulative six months (1HFY16), Kein Hing's net profit surged 145.71% to RM5.16 million or 5.21 sen per share from RM2.1 million or 2.12 sen per share in 1HFY15.

Revenue for the period came on 12.3% higher at RM109.34 million from RM97.39 million in the last cumulative period.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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