London Biscuits Bhd (+ve)

TRADING of shares in London Biscuits Bhd (fundamental: 0.25/3, valuation: 1.7/3), which closed one sen or 1.5% higher at 67.5 sen yesterday, triggered our momentum algorithm for the third time this month.

A total of 4.98 million shares crossed yesterday, versus the counter’s 200-day average trading volume of 1.81 million shares. It closed highest since Dec 26, 2017, with a market capitalisation of RM138.50 million.

For the financial year ended Sept 30, 2018, London Biscuits registered a net profit of RM13.9 million on revenue of RM326.36 million.

While no comparative results were given, the confectionery manufacturer said it recorded an increase in profit before tax on a year-on-year comparison, due to improved control in cost of sales resulting in improved gross profit margin.