Can-One Bhd (-ve)

TRADING of shares in Can-One Bhd (fundamental: 0.9/3, valuation: 2.4/3) triggered our momentum algorithm last Friday for the first time since June 2019.

The company’s share price closed five sen or 1.64% lower at RM2.99 after 463,200 shares were done, exceeding its 200-day average trading volume of 184,010 shares.

Can-One’s net profit soared to RM591.11 million for the fourth quarter ended Dec 31, 2019 (4QFY19), over 45 times the RM12.96 million recorded for 4QFY18, due to a gain on disposal of subsidiaries, which was reduced by a revision of the gain arising from the acquisition of Kian Joo Can Factory Bhd. Quarterly revenue was at RM707.78 million, over six times the previous year’s RM114.26 million.

For full FY19, the company’s net profit grew 15.4 times to RM717.97 million from RM46.58 million for FY18, while revenue increased about six times to RM2.28 billion from RM385.65 million. The group declared a first and final dividend of four sen per share, together with a two sen special dividend.