This article first appeared in The Edge Financial Daily, on March 15, 2016.

Press Metal Bhd (-ve)

SHARES of Press Metal Bhd (fundamental: 0.65/3; 1.4/3) saw its share price surge by 9.06% yesterday to close at RM2.77 after reaching its intraday high of RM2.82. The stock was heavily traded, with 7.52 million shares changing hands, compared to its 200-days’ average volume of 1.12 million.

The group has declared a fourth interim single tier dividend of 3% per ordinary share for its financial year ended Dec 31, 2015 (FY15), bringing the total dividend for FY15 to 7.5 sen. This is equivalent to a 2.71% dividend yield.

For the full FY15, the group saw its net profit lowered by 36.64% to RM136.17 million from RM214.91 million a year ago, mainly due to lower London metal exchange (LME) metal price, foreign exchange loss and asset impairment by its Samalaju plant.

It is trading at a trailing P/E of 24.22 times and 1.69 times its book value.