This article first appeared in The Edge Financial Daily on December 10, 2018

Carimin Petroleum Bhd (+ve)
TRADING of shares in Carimin Petroleum Bhd (fundamental: 1.35/3, valuation: 0.9/3) triggered our momentum algorithm last Friday for the third time this year.

The counter saw 4.15 million shares crossed — significantly higher than its 200-day average trading volume of 664,000 shares — before the stock finished one sen or 2.6% lower at 37.5 sen, which gave it a market capitalisation of RM87.7 million.

Carimin posted a net profit of RM11.72 million for the first quarter ended Sept 30, versus a net loss of RM277,000 in the previous year, as revenue jumped to RM84.09 million, over three times the RM24.73 million it recorded previously.

The main contributors were its construction, hook-up and commissioning, and topside major maintenance segment, marine services and manpower services segment as it continued to provide personnel to Petroliam Nasional Bhd’s Refinery and Petrochemical Integrated Development project.