VisDynamics Holdings Bhd (-ve)
VisDynamics (VIS) (Fundamental: 2.5/3, Valuation: 0.3/3) traded as high as 31 sen last Friday, before closing down 1.7% at 29.5 sen.

The company proposed a private placement last month. Proceeds from the placement, involving up to 10 million new shares of RM0.10 each or 9.9% of existing share capital, are intended for working capital and future expansion plans. The issue price is yet to be determined.

Based in Malacca, VIS provides equipment solutions to the semiconductor assembly and test industry. The company derives most of its sales from North Asia.

Balance sheet is solid with net cash of RM2.1 million or 2.1 sen per share. But VIS was loss-making in FYOct2012-FY2013 on falling sales, although it recovered some in FY2014 to book a net profit of RM1.24 million.

The stock is trading at a relatively high trailing 12-month P/E of 22.5 times and 1.66 times book value. No dividend was paid since April 2011.

This article first appeared in The Edge Financial Daily, on April 13, 2015.