KUALA LUMPUR: Shares of VS Industry surged at mid-morning on Thursday after the group saw its net profit soar more than 2½ times year-on-year to RM35.2mil from RM9.6mil in the first quarter ended Oct 31, 2014.
At 11.05am, it shares rose 23 sen to RM2.40 with 520,600 shares traded between RM2.27 and RM2.43.
The FBM KLCI rose 19.04 points to 1,700.94. Turnover was 844.33 million shares valued at RM514.98mi. There were 597 gainers, 106 decliners and 182 counters unchanged.
The group also posted improved revenue – as much as RM107.3mil, or a rise of 24.5%, to RM544.6mil from RM437.3mil in the corresponding quarter a year earlier.
Meanwhile, RHB Research has maintained its Buy call on VS Industry with a target price of RM2.95 which is based on a recurring FY16F P/E of 10 times.
In a note on Thursday, the research house said this is broadly in line with its closest peer, SKP Resources' 11 times valuation
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