Stock With Momentum: Rimbunan Sawit
Rimbunan Sawit Bhd (-ve)
TRADING of shares in Rimbunan Sawit Bhd (fundamental: 0/3, valuation: 0.9/3) triggered our momentum algorithm last Friday for the second time this year.
The stock finished four sen or 16.67% higher at 28 sen, after 25.43 million shares were done. The volume was sharply higher than its 200-day average trading volume of 439,901 shares.
The agribusiness group of Sarawak timber tycoon Tan Sri Tiong Hiew King, which is currently valued at RM443.34 million, has been loss-making for several years now, beginning from its financial year ended Dec 31, 2015.
For the fourth quarter ended Dec 31, 2018, it reported a net loss of RM103.14 million, narrowing slightly from a net loss of RM103.96 million in the previous year. Revenue for the quarter was lower by 1% to RM90.7 million versus RM92.45 million a year ago.
For the full year, the group reported a net loss of RM143.9 million compared with a net loss of RM131.42 million previously, though revenue had risen by 4% to RM335.87 million compared with RM324.39 million a year ago.
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