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Stocks With Momentum: Flonic
by Cals Thu 12 Mar 2015, 00:59
Stocks With Momentum: Flonic
By theedgemarkets.com / theedgemarkets.com | March 11, 2015 : 10:17 AM MYT
[size=14]Flonic Hi-Tec Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (+ve)
ON the back of rising volume, the share price of Flonic (Fundamental: 0.55/3, Valuation: 0.3/3) has increased by 1.5 sen or 27.3% to 7 sen since March 5.
Flonic is a manufacturer of industrial precision cleaning system for various industries. In 2013, the company diversified into project management, interior outfits, as well as wood furniture manufacturing and trading with the acquisition of a 30% stake in Jiwa Holdings Sdn Bhd (Jiwa) for RM3.75 million.
Last year, Flonic exercised its option to acquire another 21% stake in Jiwa at RM2.63 million via cash raised from its rights issue with warrants. The exercise raised gross proceeds of RM27.96 million with the balance allocated to working capital and capital expenditure.
Flonic has been loss-making since FY Jan 2008. For 9MFY2015, sales halved to RM12.0 million while pre-tax loss stood at RM2.2 million, mainly due to poor results by 51%-owned Jiwa. The stock is trading at a high price-to-book of 4.1 times.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on March 11, 2015.
[/size]
By theedgemarkets.com / theedgemarkets.com | March 11, 2015 : 10:17 AM MYT
[size=14]Flonic Hi-Tec Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (+ve)
ON the back of rising volume, the share price of Flonic (Fundamental: 0.55/3, Valuation: 0.3/3) has increased by 1.5 sen or 27.3% to 7 sen since March 5.
Flonic is a manufacturer of industrial precision cleaning system for various industries. In 2013, the company diversified into project management, interior outfits, as well as wood furniture manufacturing and trading with the acquisition of a 30% stake in Jiwa Holdings Sdn Bhd (Jiwa) for RM3.75 million.
Last year, Flonic exercised its option to acquire another 21% stake in Jiwa at RM2.63 million via cash raised from its rights issue with warrants. The exercise raised gross proceeds of RM27.96 million with the balance allocated to working capital and capital expenditure.
Flonic has been loss-making since FY Jan 2008. For 9MFY2015, sales halved to RM12.0 million while pre-tax loss stood at RM2.2 million, mainly due to poor results by 51%-owned Jiwa. The stock is trading at a high price-to-book of 4.1 times.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on March 11, 2015.
[/size]
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