Stock With Momentum: South Malaysia Industries

TheEdge Thu, Mar 21, 2019 11:08am - 5 years View Original


South Malaysia Industries Bhd (-ve)
TRADING of shares in South Malaysia Industries Bhd (fundamental: 1.05/3, valuation: 1.1/3) also triggered our momentum algorithm for the first time this year. The counter closed 5.56% or one sen higher at 19 sen, after 7.26 million shares were traded, significantly higher than its 200-day average volume of 161,318.5 shares.

The company returned to the black with a net profit of RM7.1 million for the fourth quarter of financial year 2018 (4QFY18) ended Dec 31, 2018, compared to a net loss of RM764,000 for 4QFY17, despite revenue falling to RM17.51 million from RM19.27 million.

The group said it recorded a profit for the period under review mainly due to a gain on government compulsory land acquisition of RM10.18 million in Kelana Jaya.

For the full FY18, the group’s net profit slumped 85% to RM4.29 million from RM28.12 million a year ago, despite revenue rising 10% to RM70.49 million from RM64.08 million.

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