Gas Malaysia Bhd (-ve)
Trading in shares of Gas Malaysia Bhd (fundamental: 2.1/3, valuation: 1.7/3) triggered our momentum algorithm yesterday for the third time this year.
The stock slid two sen or 0.7% to close at RM2.91, after 1.97 million shares were traded, versus the counter’s 200-day average volume of 379,562 shares. The group’s market capitalisation stood at RM3.74 billion.
The group operates reticulated gas system to provide uninterrupted supply of natural gas and liquefied petroleum gas to homes, commercial businesses and industries.
It reported a 42% year-on-year (y-o-y)jump in its net profit for the second quarter ended June 30, 2018, to RM48.07 million from RM33.76 million, mainly due to higher gross profit which is in line with the increase in volume of natural gas sold.
Quarterly revenue was up 17% y-o-y to RM1.5 billion from RM1.28 billion. It declared a first interim dividend of 4.5 sen for the quarter, to be paid on Sept 26.