Notion VTec charts new three-year high amid rally in tech stocks

TheEdge Mon, May 20, 2024 10:36am - 1 month View Original


KUALA LUMPUR (May 20): Electronics manufacturing services firm Notion VTec Bhd (KL:NOTION) charted a new three-year high on Monday, as Bursa Malaysia’s Technology Index touched a new one-year high following the US’ plan to hike tariffs on semiconductors from China.

Shares of Notion VTec surged 16.5 or 18.9% to RM1.04 during Monday’s morning trading session, last breached on Jan 15, 2021, making it one of the top gainers on Bursa Malaysia.

At the time of writing, it pared some gains to RM1, still up 12.5 sen or 14.5% from the previous close, after 20.73 million shares changed hands. At RM1 per share, the company is valued at RM516.1 million.

Year to date, the counter has more than tripled, having climbed 68 sen. No institutional analysts are currently covering the stock.

Meanwhile, Bursa’s Technology Index climbed 1.1% to more than a one-year high at 72.68 points, last breached on April 21, 2022. The moving leaders are Notion VTec, Omesti Bhd (KL:OMESTI), which rose 6.67%, and JCY International Bhd, (KL:JCY) which rose 5.3%.

Year to date, the index has climbed 14.53%, amid broad anticipation of a global technology upcycle.

For the first quarter ended Dec 31, 2023 (1QFY2024), Notion VTec reported a net profit of RM8.02 million, compared to a net loss of RM3.66 million over the same quarter in FY2023.

Revenue surged by 12.5% to RM93.79 million compared with RM83.35 million, mainly contributed by its hard disk drive and automotive segments.

It added at the time that it expects a turnaround in FY2024 on the back of “robust revenue and profit growth”.

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