Stock With Momentum: Guan Chong

TheEdge Wed, Nov 21, 2018 10:29am - 5 years View Original


Guan Chong Bhd (+ve)

TRADING of shares in Guan Chong Bhd (fundamental: 0.90/3, valuation 1.50/3) triggered our momentum algorithm on Monday for the ninth time this year. The stock closed 19 sen or 6.64% higher at RM3.05, with 3.77 million shares done versus the counter’s 200-day average trading volume of 548,236 shares.

Last Monday, Guan Chong reported a 47.7% year-on-year jump in net profit for the third quarter ended Sept 30, 2018 (3QFY18) to RM43.87 million from RM29.7 million amid higher sales, an increased bean grinding and a lower input cost.

Quarterly revenue grew 10.3% to RM598.78 million from RM542.86 million for the previous year’s corresponding quarter, as sales volume of cocoa ingredients increased almost 20%. In the cumulative nine months, the group’s net profit jumped 116.4% to RM126.23 million from RM58.33 million, though revenue dipped to RM1.61 billion from RM1.66 billion.

The group is confident about posting its best-ever performance for FY18, backed by higher sales of cocoa ingredients amid strong demand from the global chocolate industry.

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