Mitrajaya Holdings Bhd (-ve)
SHARES in Mitrajaya Holdings Bhd (fundamental: 1.9/3, valuation: 2.4/3) triggered our momentum algorithm for the first time this year. The counter rose six sen or 4.7% to close at RM1.34 yesterday, with 7.03 million shares traded. In comparison, its 200-day average volume was only around 1.26 million shares.
Last month, Mitrajaya said it had entered into a global joint-venture agreement with Gema Padu Sdn Bhd to jointly develop various parcels of land in Selangor.
Mitrajaya’s net profit for the fourth quarter ended Dec 31, 2016 (4QFY16), came in at RM42.8 million, a jump of 76.57% from RM24.3 million a year ago, on higher contributions from construction and property development.
Revenue gained 10% to RM271.7 million from RM247 million.
For the full FY16, net profit grew 36.03% to RM117.8 million from RM86.6 million in FY15, while revenue climbed 11.89% to RM964.1 million from RM861.7 million.