<div>This article first appeared in <em>The Edge Financial Daily</em>, on October 11, 2016.<br />
<br />
&nbsp;</div>

<div class=newsTextDataWrapInner><p><strong>Mieco Chipboard Bhd (-ve)</strong></p></div>

<div class=newsTextDataWrapInner><p>SHARES in Mieco Chipboard Bhd (fundamental: 1.15/3, valuation: 1.5/3) triggered our momentum algorithm for the first time this year yesterday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The counter closed at 98 sen, up 4.5 sen or 4.81% — with a market capitalisation of RM205.8 million — after 5.05 million shares were done. Comparatively, its 200-day average volume was 933,146 million shares.</p></div>

<div class=newsTextDataWrapInner><p>Last Friday, the company announced it had completed the sale of a 56.76% stake in the company to SYF Resources chairman cum chief executive officer Datuk Seri Ng Ah Chai.</p></div>

<div class=newsTextDataWrapInner><p>The chipboard maker also received a mandatory unconditional offer of 90 sen per share from Ng for the remaining 43.24% stake he does not own last Tuesday.</p></div>

<div class=newsTextDataWrapInner><p>Mieco’s net profit fell 88% to RM816,000 from RM6.7 million in the second quarter ended June 30, 2016, on lower sales volume due to decreased sales of value-added products, while revenue slid 18% to RM79.3 million.</p></div>

<div class=newsTextDataWrapInner><p>Mieco is trading at 0.6 times its net asset value.</p></div>


This article first appeared in The Edge Financial Daily, on October 11, 2016.

 

Mieco Chipboard Bhd (-ve)

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