Bahvest Resources Bhd (-ve)
TRADING of shares in Bahvest Resources Bhd (fundamental: 1.1/3, valuation: 0/3), previously known as Borneo Aqua Harvest Bhd, triggered our momentum algorithm yesterday for the third time this year.
The stock closed one sen or 1.44% higher to 70.5 sen yesterday, with 18.48 million shares done, much higher than its average 4.08 million shares recorded in the past 200 days.
For the fourth quarter ended March 31, 2019, Bahvest saw its net profit plunge 87.36% to RM8.62 million from RM68.18 million a year ago, partly due to its adoption of the Malaysian Financial Reporting Standards (MFRS) framework. The adoption of MFRS offset the contribution from higher quarterly revenue, which soared to RM31.82 million from RM755,000 a year ago.
For the full financial year 2019, Bahvest’s net profit slumped 70.07% to RM5.55 million against RM18.54 million a year earlier, despite revenue almost tripling to RM65.02 million from RM22.22 million a year ago.