Chin Teck Plantations Bhd (-ve)
TRADING of shares in Chin Teck Plantations Bhd (fundamental: 1.65/3, valuation: 2.6/3) triggered our negative momentum algorithm as its share price increased by 3.45% to RM7.50 with about 32,400 shares traded.
The strong buying momentum came in after Chin Teck declared a special dividend of 10 sen per share and a second interim dividend of 10 sen per share for the financial year ending Aug 31, 2018 on Monday.
The dividends will be paid to shareholders on Aug 30 and is a special dividend paid to commemorate the 60th anniversary of the company.
The group saw its net profit for the third financial quarter ended May 31, 2018 jump 3.75 times to RM24.2 million from RM6.45 million a year ago, on higher sales volume of its fresh fruit bunches, crude palm oil and palm kernel, amid lower average selling prices.