Stock With Momentum: Gromutual

TheEdge Tue, Apr 23, 2019 11:14am - 4 years View Original


Gromutual Bhd  (-ve)
GROMUTUAL Bhd (fundamental: 1.25/3, valuation: 1.4/3), which was included in our Stocks with Momentum list yesterday for the first time this year, closed 1.56% or half a sen lower at 31.5 sen, which valued it at RM118.32 million.

The last time the stock triggered our momentum algorithm was on May 5, 2017.

The counter saw 100,300 million shares traded yesterday, significantly higher than its 200-day average trading volume of 35,888 million shares.

On Feb 25, the group announced its net profit for the full year ended Dec 31, 2018 (FY18) sank 70% to RM5.98 million from RM20.1 million in FY17, as revenue declined 23% to RM50.78 million from RM65.85 million.

The group attributed the weaker financial performance to lower revenue from its property development and management segments, with the latter seeing lower occupancy in the student accommodation properties. It also recognised an impairment loss of RM2.6 million for a certain plot of land held for development.

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