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Hot Stock PIE top gainer, rises 4% to intraday high

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Hot Stock PIE top gainer, rises 4% to intraday high Empty Hot Stock PIE top gainer, rises 4% to intraday high

Post by Cals Mon 11 Nov 2013, 14:30

Hot Stock PIE top gainer, rises 4% to intraday high
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 11 November 2013 13:40
KUALA LUMPUR (Nov 11): Top gainer PIE Industrial Bhd rose 24 sen or 4% to settle at an intraday high of RM6.15 at midday break.

Investors had earlier chased shares of the electronic component manufacturer after it announced a 62% increase in third quarter net profit from a year earlier, analysts said. 

"Hoping to ride on the market momentum today, are stocks like PIE Industrial, after it has reported a 62% net profit jump to RM10.5m in its latest quarterly result," HwangDBS Vickers Research Sdn Bhd wrote in a note today. 

Bloomberg data show that PIE's current share price compares with a six-month low of RM4.36, on June 25 this year.

So far this year, the stock had posted a gain of 47%, outperforming the FBM KLCI's 7% advance.

PIE's share price compares with the firm's latest reported  book value of RM4.34 a share. 

The firm said last Friday that net profit rose to RM10.48 million in the third quarter ended September 30, 2013, from RM6.47 million a year earlier. Revenue was higher at RM116.39 million, compared to RM84.74 million.

Cumulative nine-month net profit climbed to RM25.57 million, from RM20.64 million a year earlier. Revenue increased to RM306.32 million, from RM256.15 million.
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