Stock With Momentum: Turbo-Mech

TheEdge Thu, Mar 14, 2019 11:02am - 5 years View Original


Turbo-Mech Bhd (-ve)

TRADING of shares in Turbo-Mech Bhd (fundamental: 1.65/3, valuation: 2/3), a company principally involved in the distribution of rotating equipment for the oil, gas, and petrochemical industries, triggered our momentum algorithm yesterday for the first time since April 2017.

A total of 151,700 shares were traded yesterday, about 14 times more than the counter’s 200-day average of 10,629 shares, before the counter closed 2.5 sen or 3.38% higher at 76.5 sen, with a market capitalisation of RM82.62 million.

Turbo-Mech’s net profit doubled to RM6.55 million in its financial year ended Dec 31, 2018, from RM3.1 million the year before, on higher gross profit margin, higher contribution from associates and reduction in operating expenditure.

This was despite a 9.4% decline in revenue to RM40.94 million, from RM45.16 million in the previous year.

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