Stock With Momentum: Press Metal
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Stock With Momentum: Press Metal
Stock With Momentum: Press Metal
By Asia Analytica / The Edge Financial Daily | June 30, 2016 : 10:30 AM MYT- [You must be registered and logged in to see this image.]
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This article first appeared in The Edge Financial Daily, on June 30, 2016.
Press Metal Bhd (+ve)
SHARES in Press Metal Bhd (fundamental: 0.65/3, valuation: 0.5/3) climbed 31 sen or 9.04% to close at RM3.74 yesterday with 6.79 million shares traded, compared to its 200-day average volume of 1.23 million shares.
Press Metal is involved in aluminium smelting and extrusion.
Its net profit more than doubled to RM94.56 million in its first quarter ended March 31, 2016 (1QFY16), from RM43.14 million a year ago, on higher production output, lower finance cost and insurance claims.
Revenue for 1QFY16 was up 21.7% to RM1.29 billion, from RM1.06 billion in 1QFY15, underpinned by additional output from the new phase of its Samalaju plant, which has been commissioned progressively.
The group is reported to be targeting a RM6 billion revenue for FY16, if the prices of aluminium this year remain the same as last year.
At the current share price, Press Metal is trading at 2.3 times its book value.
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