Stock With Momentum: Handal Resources

TheEdge Fri, Jul 05, 2019 11:11am - 4 years View Original


Handal Resources Bhd (-ve)

TRADING of shares in Handal Resources Bhd (fundamental: 1.65/3, valuation: 0.9/3) triggered our proprietary momentum algorithm yesterday for the fourth time this year.

The stock finished two sen higher at 46 sen. A total of 13.86 million shares were crossed, sharply higher than its 200-day average trading volume of 523,668 shares.

Handal recently made its comeback to the big league with a major contract win worth RM360 million from Petronas Carigali Sdn Bhd to supply a water injection module for a mobile offshore unit for mobile water injection facilities.

The seven-year contract raised the group’s order book to over RM950 million, contributing to its financials until 2027. Handal said it intends to pursue bids for contracts that will make its presence felt in the oil and gas industry beyond its core crane business.

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