Stock With Momentum: Inch Kenneth Kajang Rubber

TheEdge Tue, Nov 26, 2019 10:52am - 1 year ago

Inch Kenneth Kajang Rubber PLC (-ve)

Shares in Inch Kenneth Kajang Rubber Public Ltd Co (fundamental: 1.2/3, valuation: 0.6/3) rose to an intraday high of 63 sen yesterday, the highest in five months, after the company announced a return to the black for the third quarter ended Sept 30, 2019.

The counter closed up 0.5 sen or 0.83% at 60.5 sen yesterday, after 402,400 shares were done, about eight times its 200-day average volume of 51,370.5 shares.

Last Friday, the plantation firm posted a quarterly net profit of RM3.71 million versus its net loss of RM1.89 million for the previous year’s corresponding quarter. It had previously posted seven consecutive quarters of losses.

The improved performance was partly supported by a compensation received for an earlier acquisition. Meanwhile, its revenue for the quarter fell 28% to RM6.1 million from RM8.43 million. Inch Kenneth is trading at 0.36 times its net asset value.

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