This article first appeared in The Edge Financial Daily on January 31, 2019

Carimin Petroleum Bhd (-ve)

TRADING of shares in Carimin Petroleum Bhd (fundamental: 1.35/3, valuation: 0.3/3) triggered our stocks with momentum algorithm yesterday for the sixth time this year.

At the closing bell yesterday, Carimin’s share price went up two sen, or 2.8%, at 73.5 sen with a market capitalisation of RM171.9 million. The counter saw 18.42 million shares traded, higher when compared with its 200-day average volume of 1.67 million shares.

For the first financial quarter ended Sept 30, 2018, its revenue improved by RM59.35 million or 240% to RM84.09 million from RM24.73 million in the previous corresponding quarter.

The group also registered a pre-tax profit of RM11.64 million, in tandem with the increased revenue from oil and gas division as compared to a pre-tax loss of RM72,000 a year ago which had registered a lower revenue.

As at yesterday, its shares were trading at 1.18 times of its net book value.