Thursday 28 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on January 25, 2019

Karambunai Corp Bhd (-ve)
Trading of shares in Karambunai Corp Bhd (fundamental: 2.25/3, valuation: 1.7/3) triggered our proprietary momentum algorithm yesterday for the third time since February last year, after 26.29 million shares were done.

The group, principally involved in the tourism industry in Sabah besides property development throughout Malaysia, saw its share price inch up 1.5 sen or 15.79% to close at 11 sen, giving it a market capitalisation of RM635.43 million.

Karambunai was once a privatisation target of its substantial shareholder Tan Sri Dr Chen Lip Keong in 2016. Tan owns a 73.41% stake in the company held through Cartaban Nominees (Tempatan) Sdn Bhd and by virtue of his interest in FACB Industries Incorporated Bhd.

In the six months ended Sept 30, 2018, Karambunai’s net profit more than halved to RM4.94 million from RM10.48 million a year ago, while revenue contracted 13% to RM33.91 million from RM38.99 million. It attributed its weakened performance to lower average selling price of palm products.

      Print
      Text Size
      Share