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Len Cheong Holding Bhd (+ve)

Wooden furniture maker Len Cheong Holding Bhd’s (fundamental: 0.75/3, valuation: 0.9/3) share price rose one sen to 37 sen yesterday. The stock only saw 4.6 million shares change hands, compared to its 200-day average volume of 529,905.5 shares.

The company announced last Friday that it plans to diversify into property development and that its wholly-owned subsidiary Len Cheong Resources Sdn Bhd will partner with Goldpeace Corp Sdn Bhd to jointly develop a parcel of freehold agriculture land in Melaka.

The stock has been picked as the Stock with Momentum nine times this year. The counter has gained 19.35% since it was first featured on March 4.

In its fourth quarter ended Dec 31, 2015 (4QFY15), Len Cheong saw a net profit of RM1.39 million compared to a net loss of RM1.73 million a year ago, mainly due to increased sales to overseas customers and strengthening US dollar against the ringgit, as well as mass volume production for export sales orders in 4QFY15.

Len-Cheong_SWM_FD_26April16_theedgemarkets
LCHEONG (7943) - Stock With Momentum: Len Cheong Holding
http://www.theedgemarkets.com/my/article/stock-momentum-len-cheong-holding-2
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