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NewsHot Stock LKL International shares jump 75% on market debut
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Hot Stock LKL International shares jump 75% on market debut
by Cals Tue 17 May 2016, 02:12
- Hot Stock
[size=28]LKL International shares jump 75% on market debut
By Billy Toh / theedgemarkets.com | May 16, 2016 : 3:59 PM MYTKUALA LUMPUR (May 16): LKL International Bhd made an impressive debut on the ACE Market of Bursa Malaysia today, opening at 35 sen, a 75% premium to its issue price of 20 sen.
In the morning session, LKL International saw its share volume spike up to 43.67 million shares with its share price ranging from 29 sen to 35 sen.
LKL International is the market leader in supplying medical beds. JF Apex Research has set a fair value of 26 sen per share for LKL International, while PublicInvest Research has a fair value of 22 sen per share for the company.
The group received an oversubscription rate of 92.84 times for its eight million shares made available for public subscription.
LKL International posted a net profit of RM2.35 million on revenue of RM11.78 million for its third financial quarter ended Jan 31, 2016. For the nine-month period, net profit recorded was RM4.31 million on revenue of RM27.8 million.
As at 3.31pm, LKL International was the most active counter on Bursa at 30 sen, up 50% from its initial public offering price, with 118.68 million shares traded. In comparison, the FBM KLCI slipped 0.53% or 8.61 points to 1,619.65 points.
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