Hot Stock IFCA rises 7.2% as chairman says worst is over

by **Cals** Tue 23 Jun 2015, 01:50

Hot Stock
IFCA rises 7.2% as chairman says worst is over

KUALA LUMPUR (June 22): IFCA MSC Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), which saw its share price plunge to levels of 90.5 sen recently, from a peak of RM1.84, recovered by 9 sen, or 7.2% to a high of RM1.34 in this morning trade, as its executive chairman and chief executive officer Ken Yong Keang Cheun reassured investors that the worst was over for the company.
IFCA, the best performing IT stock in Asia Pacific last year, had investors circle in a buzz when it announced the resignation of its chief financial officer (CFO) Voo Lip Sang on May 22 — two days after the release of a stellar set of financial results that show astronomical jump of 2,200% on net profit to RM9.69 million for its first quarter ended March 31, 2015 (1QFY15) from RM421,000 in the previous corresponding quarter. Revenue had also increased by 134% to RM31.98 million in 1QFY15 from RM13.69 million in 1QFY14.
In an interview with The Edge Financial Daily last Friday, Yong reiterated that operation wise IFCA was doing well and it has mapped out plans for regional expansion.
“There were rumours that our CFO had resigned because we cooked the books and therefore were able to report an exemplary net profit. If we did indeed cook the books, there is no way our CFO would have signed off the accounts. These are all just speculation as he had actually resigned to start his own business venture,” Yong had told The Edge Financial Daily.
At 2.36 pm today, IFCA (fundamental: 3; valuation: 0.8) was trading at a noon high of RM1.36, up 11 sen or 8.8% with 22.82 million shares changing hands.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)