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Stock With Momentum: CSC Steel Holdings
by Cals Thu 28 Jan 2016, 22:10
Stock With Momentum: CSC Steel Holdings
By Asia Analytica / The Edge Financial Daily | January 28, 2016 : 10:36 AM MYTThis article first appeared in The Edge Financial Daily, on January 28, 2016.
[size=16]CSC Steel Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 1.80, Fundamental: 1.20) (+ve)
Shares in CSC Steel (Fundamental: 1.2/3, Valuation: 1.8/3), which trigged our momentum algorithm for the first time this year, closed 3 sen or 2.56% higher to a one-year high of RM1.20 yesterday. Its market capitalisation was RM442.5 million.
The stock has gained 23.2% from 96.6 sen since posting its first-quarter 2015 earnings results on May 8 last year. The steelmaker returned to profitability in the three months ended March 31, 2015 (1QFY15) and has since posted two consecutive quarterly net profit.
For the nine months ended Sept 30, 2015 (9MFY15), it posted a net profit of RM26.08 million despite a 1.5% decline in revenue to RM775.44 million from a year ago, due to lower raw material cost and a consolidation gain of RM2.3 million arising from the disposal of a subsidiary.
Based in Melaka, the cold rolled steel coil manufacturer has a strong balance sheet with net cash of RM213.66 million or approximately half its market capitalisation. The stock trades at 0.58 times book. Dividends totalled 3 sen in 2014, giving a net yield of 2.6%.
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