Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on December 12, 2018

Carimin Petroleum Bhd (-ve)
TRADING of shares in Carimin Petroleum Bhd (fundamental: 1.35/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the fourth time this year since last Wednesday.

The stock closed six sen or 16.44% higher at 42.5 sen yesterday, after 10.45 million shares were done, compared with its 200-day average trading volume of 679,131 shares.

For the first quarter ended Sept 30, 2018, the group saw a net profit of RM11.72 million versus a net loss of RM277,000 in the previous year, as revenue jumped over three times to RM84.09 million from RM24.73 million.

“Despite the volatility and drop in oil price, there has been an increase in project activities and work orders. Major maintenance and hook-up and commissioning works, rejuvenation, modification, field improvement projects, major blasting and painting, including marine services works, are expected to increase as part of our client’s integrity facilities management,” said Carimin about its prospects. Carimin Petroleum is now trading at 0.68 times its net book value.

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