Green Ocean Corp Bhd (-ve)
SHARES in Green Ocean Corp Bhd (fundamental: 0.55/3, valuation: 0/3) triggered our stocks with momentum algorithm yesterday for the third time this year. The stock closed up 9.09% or 1.5 sen higher at 18 sen, with 12.55 million shares done versus the counter’s 200-day average of 1.15 million shares.
The company is mainly involved in information and communications technology services. It also operates an integrated palm kernel crushing facility in Klang.
For its fourth financial quarter ended March 31, 2017 (4QFY17), Green Ocean made a net profit of RM790,000, up 16% from RM682,000 a year ago, on higher profit margins from trading activities.
Quarterly revenue fell 19% to RM58.88 million from RM72.30 million in 4QFY16, mainly due to lower trading activities in palm oil products and a low level of crushing activities.
At the current share price, Green Ocean is trading at 2.57 times its book value.