Ann Joo has just announced its results for QE30/9/2007. Its net profit increased by 27.7% q-o-q or 128.5% y-o-y to RM50.2 million while its turnover has increased by 30.6% q-o-q or 30.7% y-o-y to RM490.6 million. The improved results is attributable to robust international billet market has resulted in higher export to the neighbouring countries namely Indonesia and Vietnam at significantly higher international selling prices … offsetting a lower local sale tonnage as most 9MP projects have not taken off ground. Despite the lower local volume, Ann Joo is compensated by higher selling prices as a follow through from the approved price increases since the second quarter of current financial year (i.e. QE30/6/2007).
Based on the past 4 quarters' EPS of 43 sen and today's closing price of RM4.14, Ann Joo is now trading at a PE of 9.6 times.
From the chart below, it seems that Ann Joo share price has just surpassed its recent high of RM4.06/08 today when it closed at RM4.14. On the back of the substantially better results, there is a good chance that the next upleg for Ann Joo share price may have started.
Chart: AnnJoo's daily chart as at November 7 (courtesy of Tradesignum.com)
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