Sunday 06 Oct 2024
By
main news image

KUALA LUMPUR (Sept 2): Shares of Notion VTec Bhd (KL:NOTION) rose as much as 23 sen or 24.21% in active trade on Monday morning, extending gains for the third straight trading day after three weeks of selloff.

At 5pm, shares of the electronics manufacturing services (EMS) outfit traded at RM1.13, still up 18 sen or 18.95%, after touching a high of RM1.18 earlier. The Bursa Malaysia Technology Index rose 1.39% in the same period.

Some 53.94 million shares were traded on Monday, more than double the two-month daily average volume of 19.86 million shares. The stock was the fifth most active counter on Bursa Malaysia.

Notion VTec had been on a downtrend through August, shedding 59% or RM1.27 in value to a low of 88 sen, after staging a rally in May-June that more than tripled its share price to a high of RM2.38.

Last Friday, Notion VTec said in a filing that its managing director Choo Wing Hong had transferred 21 million company shares or a 4% stake into his CDS account, previously pledged to RHB Capital Nominees (Tempatan) Sdn Bhd.

Wing Hong is the largest shareholder in the company with a 6.84% stake or 35.89 million shares held. Wing Hong’s brother and executive director Choo Wing Onn owns another 6.51% or 34.14 million shares in the company.

At RM1.13, Notion VTec had a market capitalisation of RM593.1 million, with trailing annualised price-earnings ratio of 10.36 times based on earnings in the last three financial quarters.

For the nine months ended June 30, 2024 (9MFY2024), Notion VTec booked a net profit of RM42.21 million or 8.18 sen per share, from a net loss of RM9.6 million or 1.86 sen per share.

This came as revenue jumped 35.48% to RM340.87 million from RM251.24 million.

Notion VTec anticipates 4QFY2024 earnings to progress at a 'moderate pace' in view of foreign exchange volatility, as it typically benefits from a stronger US dollar due to exports.

The group operates four segments, namely hard disk drives, EMS, automotive industry components, and camera/industrial components.

      Print
      Text Size
      Share