Quick take: Mi Technovation gains 3.7%, top gainers on Bursa Malaysia

KUALA LUMPUR: Mi Technovation Bhd, which has been on an uptrend, hit an all-time high amid a weak broader market due to the current political situation.

The semiconductor industry equipment provider added 3.72%, 10 sen to RM2.79 with 4.5 million traded. It is currently the second-highest gainer on Bursa Malaysia.

Year-to-date, the counter has risen some 47%. It is currently trading at a PE ratio of 39.76 times.

Last week, Mi Technovation announced that its fourth quarter net profit more than doubled to RM17.51mil from RM7.16mil a year earlier as revenue surged to RM68.22mil from RM31.06mil.

The group declared a dividend of three sen per share, bringing the FY19 total to four sen per share, from five sen in FY18.

For the full financial year ended Dec 31,2019, Mi Technovation’s net profit increased 33.41% to RM59.17mil from RM44.35mil.

Its revenue for the period rose 19.17% to RM191.14mil from RM160.39mil on stronger demand from North East Asia, it added.

Source: TheStar