Stock With Momentum: Formosa Prosonic Industries

TheEdge Mon, Feb 24, 2020 10:47am - 4 years View Original


Formosa Prosonic Industries Bhd (-ve)
TRADING of shares in Formosa Prosonic Industries Bhd (fundamental: 2.1/3, valuation: 1.8/3) triggered our momentum algorithm last Friday for the second time this year.

The counter settled four sen or 2.27% lower at RM1.72 after some 4.02 million shares exchanged hands, about nine times higher than its 200-day average volume of 449,662 shares.

Last Thursday, the sound systems maker reported a 43.7% jump in net profit to RM9 million for the fourth quarter ended Dec 31, 2019, from RM6.27 million a year ago on the back of higher sales volume and change in sales mix. Revenue rose 17.7% to RM175.34 million from RM148.98 million.

For the full year ended Dec 31, 2019, net profit rose 13.9% to RM41.75 million from RM36.64 million a year ago, while revenue improved 36.7% to RM766.2 million from RM560.2 million.

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