Carimin Petroleum Bhd (-ve)
TRADING of shares in Carimin Petroleum Bhd (fundamental: 1.35/3; valuation: 0.9/3) triggered our stocks with momentum algorithm yesterday for the first time this year.
The stock closed up seven sen or 16.28% at 50 sen, with 15.96 million shares done — much higher than the counter’s 200-day average of 931,896 shares.
For the first financial quarter ended Sept 30, 2018 (1QFY19), the oil and gas company swung to the black with a net profit of RM11.72 million versus a net loss of RM277,000 in the previous year, thanks to increased project activities and work orders.
Revenue for the quarter more than tripled to RM84.09 million from RM24.73 million earned in 1QFY18 on higher contribution from its construction, hook-up and commissioning, topside major maintenance and marine services division.
The group said the increased work orders was despite the volatility and drop in oil price. Looking ahead, it is expecting more work projects as part of its client’s integrity facilities management. Carimin is currently trading at 0.81 times its net book value.