This article first appeared in The Edge Financial Daily on February 18, 2019
Fajarbaru Builder Group Bhd (-ve)
Trading of shares in Fajarbaru Builder Group Bhd (fundamental: 1/3, valuation: 2.4/3) triggered our momentum algorithm last Friday for the first time this year.
The stock closed up half a sen or 1.32% at 38.5 sen, with 4.4 million shares done, significantly higher than the counter’s 200-day average of 1.34 million shares.
The group said last December it will be launching a RM450 million gross development value residential project in Puchong by the end of this year, marking its second property development project in Malaysia.
The project, Rica Residence Kinrara, is a high-rise residential project located on 2.71ha in Puchong.
Altogether, the group will be launching over 600 units, with 30% of them to be priced at around RM300,000, while the rest will be in the mid-to-high price range.
Fajarbaru is currently trading at 0.49 times its net book value.