KUALA LUMPUR: Notion Vtec Bhd today said it is unaware of any reason for the run-up in its share price save for the company's recent strong financial performance and a turnaround in the hard disk drive (HDD) and electronics manufacturing services (EMS) sectors.
In response to an unusual market activity query from Bursa Malaysia Securities, Notion Vtec said, after due enquiry it found that there is no corporate development relating to its group's business and affairs that has not been previously announced and they have no knowledge of any rumour or report concerning the business and affairs of the group that may account for the trading activity.
Notion Vtec said it reported positive returns in first and second quarters of financial year 2024.
"Our financial results have shown consistent improvement, demonstrating our resilience and effective strategic initiatives. Investors, both retail and institutional, have responded positively to our performance, reflecting their confidence in our ongoing business prospects," it added.
Besides benefitting from the turnaround in the HDD and EMS sectors, it said it may benefit from the trade tension between China and the West with the recent increase in import tariffs of aluminum and steel products exported from China to the United States of America with the possibility of major customers reallocating more orders in the coming quarters.
Notion Vtec said this increase in sales was highlighted in the commentaries of unaudited quarterly financial report for the second quarter of FY2024 where it mentioned that the second half of FY2024 may outpace the first half of FY2024.
Notion Vtec's share price closed 8 per cent higher at RM1.96 a share, giving it a market capitalisation of RM1 billion.