Destini Bhd (+ve)
SHARES in Destini Bhd (fundamental: 1.8/3, valuation: 0.8/3) closed down 0.5 sen or 0.6% yesterday at 83.5 sen, with 21.42 million shares traded compared with its 200-day average of 1.91 million shares. It hit 87 sen apiece in early trade, the highest since January 2008.
Destini provides maintenance, repair and overhaul (MRO) services, specialising in safety, survival and rescue equipment for the aviation, marine and oil and gas industries.
It ventured into the rail-based MRO business in June after winning a two-year contract to build a new motor trolley and new road rail vehicle valued at RM62 million.
In August, its substantial shareholder Datuk Freddy Lim ceased to be a substantial shareholder after disposing of 31 million shares. Last Friday, Destini announced that MTD Capital Bhd had emerged as a new substantial shareholder.
It is trading at a trailling 12-month price-earnings ratio of 26.54 times.