Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on August 10, 2018

Ikhmas Jaya Group Bhd (-ve)
Trading of the shares in Ikhmas Jaya Group Bhd (fundamental: 0.6/3, valuation: 2/3), which triggered our momentum algorithm yesterday for the first time this year, pushed the stock up one sen or 3.12% to 33 sen. The counter saw 12.24 million shares traded, significantly more than its 200-day average trading volume of 672,091.5 shares.

On July 18, Ikhmas Jaya said it had secured a RM78 million subcontract from Kerjaya Prospek (M) Sdn Bhd to build a marine bridge that connects Jalan Seri Tanjung Pinang in Penang to the Seri Tanjung Pinang (Phase 2) development (STP2) island.

The job also involves the construction of embankment at grade and all other associated civil engineering works for the proposed STP2.

The project is expected to be completed on April 10, 2020, and to contribute positively to Ikhmas Jaya’s earnings for the financial year ending Dec 31, 2018.

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