Perisai Petroleum Teknologi Bhd (+ve)

SHARES in Perisai Petroleum Teknologi Bhd (fundamental: -/3, valuation: 0.9/3), which closed one sen or 20% higher yesterday, triggered our momentum algorithm for the second time this year.

The counter settled at six sen after a total of 88.14 million shares exchanged hands — versus its 200-day average trading volume of 11.33 million.

On Tuesday, Perisai Petroleum said its net profit quadrupled to RM40.78 million in its second quarter ended Dec 31, 2017 from RM10.25 million a year ago. But revenue fell 28% to RM27.70 million from RM38.27 million due to expiry of the charter contract for eight offshore support vessels.

The Practice Note 17 company said the increased profit was mainly due to the deconsolidation of its subsidiary Perisai Pacific 102 (L) Inc, absence of impairment and prepayment ahead of the contract’s  expiry.