By M. JAY SHEILA
Kein Hing International Bhd’s counter was up 9 sen or 6.5% to RM1.48 at the end of the first half of today’s trading, with close to 572,500 shares exchanging hands.
The metal parts manufacturer counter hit an intra-day high of RM1.52.
In an exchange filing on Sep 29, Kein Hing posted a net profit of RM5.74 million for the first quarter ended July 31, 2023 (1Q24) compared to a net profit of RM5.76 million in the same period last year.
Revenue in the same period slid 0.33% to RM80.6 million mainly due to the decline in customer demand for parts used in television products in Malaysia. However, the increase in sales of parts used in printer products in Vietnam mitigated the overall drop in the group’s revenue.
Its earnings per share (EPS) stood at 5.27 sen per share, compared with 5.91 sen per share in 1Q22, it said.
Moving forward, in view of the global uncertainties and economic slowdown, both Malaysia operation and Vietnam operation are expected to face some fluctuation in customer demand in the coming months.
Kien Hing will be actively monitoring and assessing the economic impact arising from these downside risks and inflation in order to minimise any adverse impact on its business operation for the financial year ending Apr 30, 2024.
Kein Hing principally supplies parts and metal components to various industries such as automotive, electrical & electronics, home appliances, TVs and audio-visual equipment industries.
Its largest shareholders are MD, Yap Toon Choy with a 37.81% stake, chairman Yong Elaine (20.9%) and Kam Loong Mining Sdn Bhd (10.75%). It has a market capitalisation of RM161.2 million.