Genting Plantations Bhd (-ve)
TRADING of shares in Genting Plantations Bhd (fundamental: 1.7/3, valuation: 1.4/3) triggered our momentum algorithm last Friday for the first time ever.
The counter closed six sen or 0.6% higher at RM9.98, with a market capitalisation of RM8.04 billion. A total of 2.91 million shares were traded compared with the stock’s 200-day average volume of 544,246 shares traded.
Depressed prices for palm products weighed on the performance of Genting Plantations in the third quarter ended Sept 30, 2018 (3QFY18), with its earnings down 69% to RM23.5 million from RM76.46 million a year ago.
This was despite a 12.7% year-on-year growth in revenue to RM488.84 million in 3QFY18 from RM433.89 million in 3QFY17, on the back of improved offtake from its downstream manufacturing segment and better sales at its Indahpura project.