Ideal United Bintang International Bhd (-ve)

TRADING of shares in Ideal United Bintang International Bhd (fundamental: 2.4/3, valuation: 1.2/3) triggered our momentum algorithm yesterday for the third time this year and the second time this month. The last time it triggered the momentum algorithm was on Aug 2.

The counter closed 5.76% or eight sen higher to RM1.47, with a market capitalisation of RM681.43 million.

A total of 1.83 million shares were traded yesterday, in contrast to the stock’s 200-day average trading volume of 121,259.5 shares.

For the first quarter ended March 31, 2019 (1QFY19), the group’s net profit declined to RM12.18 million, from RM14.69 million in 1QFY18. However, earnings per share contracted to 11.02 sen, from 13.3 sen in the corresponding quarter last year. Quarterly revenue declined to RM141.34 million, from RM205.6 million.