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Stock With Momentum: Mieco Chipboard
by Cals Fri 10 Jul 2015, 17:57
Stock With Momentum: Mieco Chipboard
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By Asia Analytica / The Edge Financial Daily | July 10, 2015 : 10:31 AM MYT
[size=14]Mieco Chipboard Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (+ve)
CHIPBOARD maker Mieco (Fundamental: 0.65/3, Valuation: 0.9/3) closed 14.3% higher at a 3-year high of 92 sen yesterday. Like other chipboard makers, its share price has performed strongly, up 145.3% year-to-date, supported by the stronger USD.
For 1Q15, it recorded a net profit of RM3.2 million compared to a net loss of RM3.2 million in 1Q14, while revenue rose 6.3% to RM80.3 million. Net gearing stood at 32.7%.
The Pahang-based Mieco derives about 70-80% of its sales from the domestic market with the balance from export markets. The company was loss-making for 2012-2013 but started to turn around in 2Q14, thanks to higher local chipboard demand and stronger furniture exports.
Excluding one-off disposal gain of RM16.1 million on one of its factories, net profit was RM1.7 million in 2014, reversing a net loss of RM63.6 million in 2013. Meanwhile, revenue increased 9.2% to RM321.9 million, fuelled by higher sales volume and selling prices.
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This article first appeared in The Edge Financial Daily, on July 10, 2015.
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By Asia Analytica / The Edge Financial Daily | July 10, 2015 : 10:31 AM MYT
[size=14]Mieco Chipboard Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (+ve)
CHIPBOARD maker Mieco (Fundamental: 0.65/3, Valuation: 0.9/3) closed 14.3% higher at a 3-year high of 92 sen yesterday. Like other chipboard makers, its share price has performed strongly, up 145.3% year-to-date, supported by the stronger USD.
For 1Q15, it recorded a net profit of RM3.2 million compared to a net loss of RM3.2 million in 1Q14, while revenue rose 6.3% to RM80.3 million. Net gearing stood at 32.7%.
The Pahang-based Mieco derives about 70-80% of its sales from the domestic market with the balance from export markets. The company was loss-making for 2012-2013 but started to turn around in 2Q14, thanks to higher local chipboard demand and stronger furniture exports.
Excluding one-off disposal gain of RM16.1 million on one of its factories, net profit was RM1.7 million in 2014, reversing a net loss of RM63.6 million in 2013. Meanwhile, revenue increased 9.2% to RM321.9 million, fuelled by higher sales volume and selling prices.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on July 10, 2015.
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