MUI Properties Bhd (+ve)
TRADING of shares in MUI Properties Bhd (fundamental: 2.25/3, valuation: 1.7/3) triggered our momentum algorithm yesterday for the first time ever.
The property developer’s counter closed 20.51% or four sen higher at 23.5 sen yesterday, after 18.72 million shares were traded, about 11 times its 200-day average trading volume of 1.71 million shares.
For the first quarter ended Sept 30, 2019, MUI Properties’ net profit came in at RM3.36 million versus RM3.42 million a year ago, amid lower investment holding income as well as higher cost of sales and income tax expenses.
Quarterly revenue, however, jumped 65.4% to RM20.31 million from RM12.28 million on higher revenue recognition for its Phase E7-1 and Phase E7-2 projects in the Bandar Springhill development in Negeri Sembilan.