Stock With Momentum: Marine & General

This article first appeared in The Edge Financial Daily, on January 17, 2020.
-A +A

Marine & General Bhd (+ve)

TRADING of shares in Marine & General Bhd (fundamental: 0.75/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time since March last year.

The stock closed 11.11% or one sen higher at 10 sen per share, after 1.7 million shares were traded, exceeding its 200-day average trading volume of 86,582.5 shares.

For the quarter ended Oct 31, 2019, the group posted a net loss of RM12.15 million, with a revenue of RM58.42 million. There were no comparative figures provided as the group had changed its financial year end to Dec 31 from April 30 previously. Its cumulative net loss for the six months ended Oct 31, 2019 stood at RM20.58 million, with a cumulative revenue of RM108.35 million.

The group said its upstream division contributed to 80% of its revenue, with the downstream making up the remainder.