KKB Engineering Bhd (-ve)
TRADING of shares in KKB Engineering Bhd (fundamental: 1.5/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the first time this year, after eight times mainly in the first quarter of 2019.
KKB shares closed nine sen or 5.42% higher at RM1.75 yesterday, valuing it at RM451.14 million. A total of 2.62 million shares were traded, sharply higher compared with its 200-day average of 240,715 shares.
KKB’s subsidiary OceanMight Sdn Bhd was recently awarded a 19-month contract by Petronas Carigali Sdn Bhd to provide engineering, procurement, construction, commissioning (EPCC) and installation of a well-head platform for BKD-A and host tie-in modification at BNCPP-B topsides — the Bakau non-associated gas development project.
OceanMight also received a letter of award from PTTEP Sarawak Oil Ltd to provide EPCC of Pemanis Satellite topside for PTTEP’s Sarawak SK309 development, for a period of 11 months.