This article first appeared in The Edge Financial Daily on December 3, 2019

MCT Bhd (-ve)

PROPERTY developer MCT Bhd (fundamental: 1.4/3, valuation: 1.5/3), whose share trading volume surged to 36.99 million shares yesterday — 41 times the counter’s 200-day average of 901,479 shares — made it into our Stocks with Momentum list for the first time this year.

While it was unclear what drove the interest in the stock, its share price has staged a slight rebound after hitting a record low of 20 sen last month. It closed at 37.5 sen yesterday, up eight sen or 27.12% from last Friday, but still down 50% year to date.

For the cumulative nine months ended Sept 30, 2019, the group booked a net profit of RM26.88 million on a revenue of RM350.46 million, largely driven by an upswing in its overall construction progress to hand over 3,000 units across four projects by the first half of 2020.

The outlook is positive, MCT said in its latest result announcement, as it is planning several key launches in the Cybersouth project by the first quarter of next year.