MK Land Bhd (-ve)
TRADING of shares in MK Land (fundamental: 1.25/3, valuation: 1.70/3) triggered our momentum algorithm yesterday for the third time this year. The group saw 11,509,600 shares traded compared to its 200-day average of 681,346.5.
The property developer saw revenue increase 47.6% to RM35.15 million in the third quarter ended March 31, 2018 (3QFY18) from RM23.81 million a year ago. Net profit also increased 15.6% to RM4.64 million from 4.01 million a year ago.
On Wednesday, MK Land announced that its wholly-owned subsidiary Ritma Mantap Sdn Bhd has entered into a memorandum of understanding with Menteri Besar Inc to jointly develop land totalling 226 acres (91.46ha) in Perak into a mixed development consisting of affordable housing and commercial units.
The stock rose 1.5 sen or 6.12% to close at 26 sen, giving it a market capitalisation of RM313.19 million. MK Land was last traded at 0.27 times its book value.