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Hot Stock 'Positive news' drives SCGM to all-time high
by Cals Mon 21 Apr 2014, 20:00
| Hot Stock 'Positive news' drives SCGM to all-time high |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 21 April 2014 16:44 |
KUALA LUMPUR (Apr 21): SCGM Bhd shares rose to an all-time high today on market talk of an impending piece of positive news.
At 4:09 pm today, shares of the company rose 18 sen or 15% to an all-time high of RM1.39 per share with some 3.8 million shares traded.
A source within the company confirmed that the company would be coming out with a “positive news announcement”, when theedgemalaysia.com telephoned the Johor Bahru company for comment.
Earlier this month, Kenanga Research issued a “trading buy” on the stock with a target price of RM 1.54.
In its report, the research house stated that the group is planning to introduce a new thermoplastic cup this year.
“Although it is still in the early stages, the group anticipates that this new product would increase their total production volume by around 10% with an estimated total capex of RM8.0 million.”
“The new product line is expected to be completed in 2HCY14 and will be sold both in the local and overseas markets,” Kenanga said.
The report added that the production line for the product employed zero waste technology, which would greatly reduce cost as well as maximising production volume from economies of scale.
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