YOCB (5159) - Stock With Momentum: Yoong Onn Corp

YOCB (5159) - Stock With Momentum: Yoong Onn Corp

This article first appeared in The Edge Financial Daily, on August 1, 2016.

Yoong Onn Corp Bhd (+ve)

SHARES in Yoong Onn Corp Bhd (fundamental: 2.5/3, valuation: 1.8/3) triggered our momentum algorithm last Friday for the second time this year.

The counter, however, was unchanged at RM1.35 last Friday, after some 1.21 million shares were traded.

The home linen and bedding accessories distributor and manufacturer posted a net profit of RM5.68 million for its third quarter ended March 31, 2016 (3QFY16), 16.17% lower than its net profit of RM6.77 million in the previous year.

Yoong Onn announced a two sen interim dividend for the quarter, same as 3QFY15.

The group’s nine months ended March 31, 2016 net profit meanwhile slipped 3.7% to RM16.07 million from RM16.68 million a year ago.

The group’s independent non-executive chairman Datuk Kamaludin Yusoff and independent non-executive director Lee Kim Seng collectively sold 311,499 shares between June 3 and July 13, for RM1.07 to RM1.32 apiece.

YOCB (5159) - Stock With Momentum: Yoong Onn Corp