This article first appeared in The Edge Financial Daily on February 26, 2019
Hock Heng Stone Industries Bhd (-ve)
Trading of shares in Hock Heng Stone Industries Bhd (fundamental: 0.45/3, valuation: 0.90/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed two sen, or 3.77%, higher to 55 sen. Volume rose to 121,800 shares compared with its 200-day average volume of 14,741.5 shares.
On Nov 29, 2018, it announced its net profit rose by 14.77% to RM171,000 in the third quarter ended Sept 30, 2018 from RM149,000 previously, with quarterly revenue down by 7.8% to RM7.83 million from RM8.49 million for the previous corresponding quarter.
Its cumulative net profit for the nine months ended Sept 30, 2018 fell by 51.3% to RM492,000, from RM1.01 million in 2017, while cumulative revenue also dropped by 18.14% to RM23.27 million, from RM28.42 million.
The group attributed the drop on quarterly and the cumulative revenues to its construction and property development segments, which was partially mitigated by a sales increase in its goods segment.