Veem Limited (ASX: VEE): Is this capital goods stock on the cusp of a rebound after 19% YTD fall?.

Mon 22 May 23, 09:00 AM | Team Kalkine

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Veem Limited (ASX: VEE), a capital goods company that designs and manufactures marine propulsion and stabilisation systems for the luxury motor yacht and defence industries worldwide, ended on a flat note on Monday, 22 May 2023, after witnessing some rebound last week. On Monday, the stock closed at AUD 0.445.

On a year-to-date basis, VEE shares are down 19.1% despite last week's price action. This correction in VEE shares was witnessed despite any negative news flow from the company. In fact, the company reported good numbers for the half-year ended 31 December 2022.

Its revenue increased by 4% over 1HFY22 to AUD 27.4 million, while its net profit rose to AUD 1.8 million from AUD 0.3 million in the previous corresponding period. In H1FY23, its defence sales increased by 18% to AUD 8.1 million.

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