Stock With Momentum: Scomi Group
Scomi Group Bhd (+ve)
SHARES in oil and gas and transport solution firm Scomi Group Bhd (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm for the 15th time this year.
The stock closed up 2.5 sen or 13.89% at 20.5 sen yesterday, with a market capitalisation of RM393.09 million. The counter saw 75.73 million shares changing hands, exceeding its 200-day average volume of 3.17 million shares.
On Monday, Scomi announced that it had signed a 21-year power purchase agreement with Tenaga Nasional Bhd to develop a large-scale solar photovoltaic plant in Bandar Sungai Petani, Kedah, which will have a capacity of 30mw.
Construction of the power plant will be undertaken by Scomi’s 30%-owned special purpose vehicle Strong Elegance Sdn Bhd. The remaining equity interest in Strong Elegance is held by Synergy Generated Sdn Bhd (40%) and Lembaga Tabung Angkata Tentera (30%).
At the current share price, Scomi is trading at 0.52 times its book value.
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