Stock With Momentum: Kenanga Investment Bank Bhd

This article first appeared in The Edge Financial Daily, on July 4, 2018.
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Kenanga Investment Bank Bhd (+ve)
Trading in the shares of Kenanga Investment Bank Bhd (fundamental: 1.8, valuation: 2.6) triggered our momentum algorithm yesterday for the second time this year.

The stock closed 2.5 sen or 3.62% higher at 71.5 sen after 1.51 million shares changed hands, compared with its 200-day average of 198,613 shares.

Kenanga Investment Bank has not made any significant announcement since releasing its results for the first quarter ended March 31, 2018 (1QFY18), when its net profit jumped to RM15.44 million from RM1.89 million, mainly due to higher bad debts recovered.

At the current share price, Kenanga Investment Bank has a market capitalisation of RM501.63 million.