JKG Land Bhd (+ve)
JKG Land Bhd (fundamental: 0.65/3, valuation: 2/3) made it into our Stocks with Momentum list yesterday for the first time this year.
The stock closed unchanged at eight sen, with 21.88 million shares done, compared with the average of 580,336 shares recorded in the past 200 days.
The company’s net profit for the third financial quarter ended Oct 31, 2019 (3QFY20) surged to RM3.03 million, over four times the RM705,000 it recorded a year earlier, contributed by its property development segment. Revenue rose 23% year-on-year to RM31.17 million from RM25.31 million.
For the cumulative nine months ended Oct 31, JKG Land posted a net profit of RM10.04 million, versus RM490,000 a year earlier, as revenue surged to RM126.61 million from RM61.07 million.
On prospects, JKG Land said under the prolonged global and domestic uncertainties, the property market is expected to remain subdued in the subsequent period of FY20.