PIE Industrial Holdings Bhd (-ve)
TRADING of shares in PIE Industrial Holdings Bhd (fundamental: 2.1/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the first time this year.

The counter rose by five sen, or 3.45%, to close at RM1.50, with a market capitalisation of RM576.06 million. A total of 1.76 million shares changed hands, compared with the counter’s 200-day average volume of 582,277.5 shares.

PIE Industrial reported a 35% year-on-year (y-o-y) fall in net profit in its second quarter ended June 30, 2018 (2QFY18) to RM6.98 million from RM10.7 million, as it recorded lower revenue, lower margin and provided for slow moving inventories.

Quarterly revenue declined 20% y-o-y to RM141.62 million from RM176.07 million, due to lower demand from existing customers for electronics manufacturing services, raw wire and cable products and trading activities, which was partly offset by higher revenue recorded for its wire harness products.

For the first half of FY18, PIE Industrial reported a net profit of RM14.2 million, down 36% y-o-y from RM22.29 million; while revenue was down 15% y-o-y to RM286.88 million from RM337.94 million.