TRADING in the shares of property developer I-Bhd (fundamental:1.8 /3, valuation: 2.1/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed up two sen or 3.74% to 55.5 sen, with 2.14 million shares traded, exceeding its 200-day average volume of 222,979 shares.
I-Bhd’s net profit rose 5.6% to RM22.31 million in the second quarter ended June 30, 2018 (2QFY18), from RM21.12 million a year ago, thanks to a hike in profit margin arising from the cost adjustment as a result of the changes in the national tax regime.
Quarterly revenue, however, was down 18.8% to RM107.16 million in 2QFY18 from RM131.94 million a year ago.
For the cumulative six months (1HFY18), I-Bhd’s net profit rose 11.1% to RM 46.8 million from RM42.12 million a year ago, while revenue grew 10.9% to RM266.51 million from RM240.39 million.
At the current share price, I-Bhd is trading at 0.5 times its book value.