This article first appeared in The Edge Financial Daily, on April 22, 2016.

Ikhmas Jaya Group Bhd (-ve)

SHARES in Ikhmas Jaya (fundamental: N/A, valuation: N/A) triggered our momentum algorithm for the first time yesterday. Its share price rose 4.03% to 77.5 sen — highest closing in six months with 28.1 million shares traded.

On Wednesday, AmInvest Research maintained a “buy” call for Ikhmas Jaya with a target price of RM1. On April 11, Ikhmas Jaya agreed and accepted a letter of award from MRCB Sentral Properties Sdn Bhd to undertake subcontract foundation works for the proposed exhibition centre and hotel at Plot P of the Cyberjaya City Centre development. 

The contract value of the project is RM32.86 million and will last seven months with an expected completion date on Nov 30, 2016. Ikhmas Jaya is principally engaged in engineering and construction involving piling and foundation works, bridge construction, building construction and other civil works. Ikhmas was listed on July 27, 2015 with an initial offering price of 57 sen.