Dongyang Electronics rebounded sharply this morning.
$GTRONIC (7022.MY)$ Yesterday, the stock fell sharply due to the resignation of an external auditor, but they released a statement in the evening stating that this will not affect the company's operations. Investors regained confidence and the stock price surged 15% this morning.
Due to the resignation of the external auditor KPMG and the previously released poor performance, Dongyang Electronics plummeted 32.5% or 26 cents on Tuesday (10th), hitting a 10-year low of 54 cents.
The company issued a statement last evening explaining that KPMG resigned voluntarily and it has appointed UHY as the new auditor. They also stated that this will not affect the company's operations. As a result, the stock has recovered this morning. After opening slightly higher at 55.5 cents, it rose to 62 cents at one point during the trading session, with a 14.8% increase.
Later, the stock gave back some of its gains and closed at 56.5 cents, up 4.63% or 2.5 cents at the noon break. It had a trading volume of 89.61 million3800 shares and became the most popular stock in the market.
In the first half of the 2024 fiscal year, Dongyi Electronics has been underperforming. Previous performance data showed a 10.80% decline in revenue and a 3.69% decline in net profit. The stock price has also been declining, with a 66% decrease so far this year, resulting in a market cap loss of RM 0.730 billion.
Due to the resignation of the external auditor KPMG and the previously released poor performance, Dongyang Electronics plummeted 32.5% or 26 cents on Tuesday (10th), hitting a 10-year low of 54 cents.
The company issued a statement last evening explaining that KPMG resigned voluntarily and it has appointed UHY as the new auditor. They also stated that this will not affect the company's operations. As a result, the stock has recovered this morning. After opening slightly higher at 55.5 cents, it rose to 62 cents at one point during the trading session, with a 14.8% increase.
Later, the stock gave back some of its gains and closed at 56.5 cents, up 4.63% or 2.5 cents at the noon break. It had a trading volume of 89.61 million3800 shares and became the most popular stock in the market.
In the first half of the 2024 fiscal year, Dongyi Electronics has been underperforming. Previous performance data showed a 10.80% decline in revenue and a 3.69% decline in net profit. The stock price has also been declining, with a 66% decrease so far this year, resulting in a market cap loss of RM 0.730 billion.
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【Contributing Journalist】 @AUSTIN CHONG
【Read Full Article】Click to read about Dongyi Electronics' cash situation!
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Source: Nanyang Business Times
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