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