MYCRON (5087) - Stock With Momentum: Mycron Steel
This article first appeared in The Edge Financial Daily, on September 14, 2016.
Mycron Steel Bhd(-ve)SHARES in Mycron Steel Bhd (fundamental: 1/3, valuation: 1.7/3), which gained 12 sen or 15.3% to close at its mutiple-year high of 90.5 sen yesterday, triggered our momentum algorithm for the third time this month.
Some 12.83 million shares changed hands, compared with its 200-day average trading volume of 1.63 million shares.
It was slapped with an unusual market activity query last Friday after its share price leapt 34.5 sen or 76.7% since early this month. However, the company said it wasn’t aware of any reason that could account for the share price spike.
In the financial year ended June 30, 2016, Mycron’s earnings doubled to RM24.18 million from RM11.68 million a year ago, while revenue rose 9.4% to RM566.81 million.
Mycron currently trades at 0.78 times its book value.
MYCRON (5087) - Stock With Momentum: Mycron Steel
http://www.theedgemarkets.com/my/article/stock-momentum-mycron-steel-0
