Stock With Momentum: Carimin Petroleum

This article first appeared in The Edge Financial Daily, on January 11, 2019.
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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 third time this week.

The counter closed up 1.5 sen or 2.48% at 62 sen with a market capitalisation of RM145.00 million, with 15.38 million shares traded compared with its 200-day average volume of 1.25 million shares.

Carimin primarily provide offshore hook up and commissioning, production platform system maintenance and upgrading services including minor fabrication services.

For the first financial quarter ended Sept 30, 2018, 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.