Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily, on August 11, 2016.

 

Jaks Resources Bhd (+ve)

Shares in Jaks Resources Bhd (fundamental: 0.6/3, valuation: 1.7/3) triggered our momentum algorithm for the first time this year, following trades of 9.14 million shares yesterday compared to its 200-day average volume of 1.2 million. The counter closed six sen or 6.38% higher at RM1.

On Aug 4, Jaks announced that it had been awarded a RM508.5 million contract for Package CB3 of the Sungai Besi-Ulu Klang Expressway.

The contract, awarded by Turnpike Synergy Sdn Bhd, entails the construction and completion of main line and other associated works for a portion of the elevated highway.

For the first quarter ended March 31, 2016, the group’s net profit dropped 65% to RM1.07 million, from RM3.07 million a year ago, due to losses incurred by its property development division.

Jaks is trading at 0.82 times its net book value. It did not pay out dividends for the financial year ended Dec 31, 2015.

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