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July 30, 2021

Kein Hing Shares Rise to Recent Highs

 Kein Hing International Bhd's share price 'rocketed' by 10 sen or 8% to reach a high of RM1.36 in the trading session on Bursa Malaysia today.


At 9.13am, Kein Hing shares rose to RM1.29 with around 5 million shares traded.


Its share price has made an aggressive rise to its current level from the price at the close on July 22 around 83 cents.


According to the company, they have earned a market value of RM148.1 million based on its 108.9 million issued shares when it reached the RM1.36 level.


Referring to the statement issued, it will use the extension of time given by the Exchange in issuing its quarterly financial report tomorrow (July 31) which is supposed to be reported on June 30.



This was due to the Kein Hing operation conflicting with the implementation of movement restrictions in Malaysia due to the Covid-19 pandemic.


In a report to Bursa on March 26, Kein Hing stated that its net profit had jumped to RM4.05 million from RM733,000 last year for the third quarter ended January 31, 2021.


Meanwhile, the company's revenue increased to RM66.21 million from RM51.88 million.


Kein Hing said the company's net profit increased to RM8.87 million higher than only RM2.72 million earned during last year's period and earned a revenue rate of RM186.43 million from RM166.12 million.


The group supplies metal components to various industries including automotive apart from the electrical and electronics (E&E) sector.


In addition, it also manufactures gas appliances using its own brand known as 'ZENNE'.