Author: Tan KW | Publish date: Thu, 20 Oct 2016, 10:30 AM
This article first appeared in The Edge Financial Daily, on October 20, 2016.
Chuan Huat Resources Bhd (+ve)SHARES in Chuan Huat Resources Bhd (fundamental: 0.35/3, valuation: 1.3/3) triggered our momentum algorithm for the first time this year as the stock price rose one sen or 1.9% to close at 53 sen yesterday, with 1.04 million shares traded. This is compared to its 200-day average volume of 105,310 shares. The counter has risen 23.3% since the beginning of September.
Chuan Huat is a stockist of iron and steel, an importer and exporter of structural steel and other construction materials, and operates a steel service centre.
Chuan Huat’s net profit jumped 37.32% to RM655,000 from RM477,000. Its profit before tax was at RM695,000 compared with RM1.62 million a year ago, as the profit from trading of hardware and building materials, as well as information technology products, fell.
Revenue fell 32.83% to RM143.52 million from RM213.68 million.
The stock currently trades at a trailing 12-month price-earnings ratio of 40.49 times and is at 0.35 times its book value.
http://www.theedgemarkets.com/my/article/stock-momentum-chuan-huat-resources?type=Stock%20with%20Momentum
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