Chin Well Holdings Bhd (+ve)

TRADING of shares in carbon steel fastener manufacturer and supplier Chin Well Holdings Bhd (fundamental: 2.5/3, valuation: 3/3) triggered our momentum algorithm yesterday for the third time this year.

The stock finished three sen or 1.66% up at RM1.84, bringing it a market capitalisation of RM540.62 million. A total of 2.15 million shares were done versus the stock’s 200-day average trading volume of 167,068 shares.

In its annual report released recently, Chin Well said it expects its supply of bulk fasteners to the US market to increase in its next financial year ending June 30, 2019, benefiting from the lower imports from China.

Construction works for its automated warehouse in Shah Alam is also expected to be completed in the same financial year, where the group will set up a new business segment for the provision of a one-stop warehousing service.