KUALA LUMPUR (June 9): JF Technology Bhd, which share price has surged over 100% over the past month, has been issued an unusual marker activity (UMA) query by Bursa Malaysia today.
In a filing to Bursa Malaysia, the regulator drew attention to the “sharp rise in price” of the company’s shares recently.
Bursa requested the company to state whether there was any corporate development relating to its group’s business and affairs that had not been previously announced that may account for the trading activity including those in the stage of negotiation or discussion.
Year-to-date, the stock has leaped four times from the low of 45 sen on Jan 3, 2017.
The electronics products manufacturer’s third quarter ended March 31, 2017 saw it returning to the black with a net profit of RM1.56 million compared with a net loss of RM761,000 in the same period last year, thanks to higher export sales, a stronger greenback against the ringgit, and lower legal fees paid for its ongoing litigation with Johnstech International Corp in the US.
Quarterly revenue grew 49.6% to RM6.1 million from RM4.1 million a year ago for the same reasons. At yesterday’s closing price of RM1.83, the stock is trading at close to 8 times its book value.
At 9.15am, the stock had risen up to RM2.04 and has retreated to RM1.90 now, with 1.52 million shares traded, giving it a market capitalisation of RM226.8 million.