HeveaBoard Bhd (-ve)
Chipboard manufacturer HeveaBoard Bhd (valuation: 2.4/3, fundamental: 3/3) shares triggered our momentum algorithm yesterday for the first time this year, after 6.66 million shares in the company exchanged hands, over two times their 200-day average volume of 2.85 million shares.
The counter hit its intraday high of RM1.46 yesterday before closing up two sen or 1.42% at its three-month high of RM1.43, with a market capitalisation of RM781.47 million.
It has gained 13 sen since last Thursday since the Malaysian government announced the ban on rubberwood export beginning July 1 to curb supply shortages in the local furniture industry. Additionally, the decision is also expected to ease cost pressure on rubberwood procurement.
HeveaBoard saw net profit in the first quarter ended March 31, 2017 rise 24.88% to RM25.31 million from RM20.27 million, thanks to higher margins, revenue and foreign exchange gains. Quarterly revenue climbed 8.73% to RM158.65 million, from RM145.91 million previously.
http://www.theedgemarkets.com/article/stock-momentum-heveaboard-4
