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Stock With Momentum: Magni-Tech Industries

TheEdge Thu, Oct 10, 2019 11:05am - 7 months ago

Magni-Tech Industries Bhd (-ve)
Magni-Tech Industries Bhd (fundamental: 2.8/3, valuation: 2.1/3) made it into our Stocks with Momentum list yesterday for the seventh time this year.

The counter closed 32 sen or 4.6% lower at RM6.63, after 666,200 shares were done, five times more than its 200-day average of 133,147 shares. Year to date, the stock has surged 72.03% from when it was trading at RM3.85.

Magni-Tech’s net profit grew 38.6% to RM30.51 million for the first quarter ended July 31, 2019 (1QFY20), from RM22.01 million a year ago, as revenue expanded 19.6% to RM327.33 million from RM273.74 million.

It attributed the higher revenue to its improved garment business, which accounted for 92.5% and 96.8% of the group’s revenue and operating profit respectively for 1QFY20.

The group declared a single-tier interim dividend of seven sen per share, payable on Oct 25.

At its current share price, Magni-Tech is trading at 1.93 times its book value.

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