Highlight ES Ceramics eyes Bursa's Main Board

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[size=28]ES Ceramics eyes Bursa's Main Board

By Yimie Yong / theedgemarkets.com   | November 18, 2015 : 2:37 PM MYT

PETALING JAYA (Nov 18): Bursa Malaysia ACE Market-listed ES Ceramics Technology Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 1.95) is looking to transfer to the Main Board in three years.

Former glove maker ES Ceramics chief executive officer Wong Fook Lin said transferring to the Main Board was something natural, as the company grew.

"We should be able to transfer to Main Board in three years' time, if we continue to grow like this," he told reporters, after ES Ceramics' annual general meeting here today.

ES Ceramics' financials have improved. Net profit rose to RM5.59 million in financial year ended May 31, 2015 (FY15), from RM2.62 million a year earlier.

In 1QFY16, ES Ceramics posted higher net profit of RM1.51 million, from RM1.15 million a year earlier.

Today, Wong said the company would be able to record "promising" FY16 financial results, given strong demand from rubber glove manufacturers.

He said ES Ceramics served glove makers from Malaysia, Indonesia, Thailand and Sri Lanka.

"The environment is fertile for the glove industry, with low commodities prices and weak currencies favourable for glove makers," he said.

At 12:30pm, ES Ceramics' shares fell one sen or 2% to settle at 50 sen, for a market capitalisation of RM102.8 million. The stock had gained 170% this year, significantly outperforming the FBM KLCI's 6% decline.

(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.)
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