This article first appeared in The Edge Financial Daily on August 20, 2019

Naim Holdings Bhd (-ve)

TRADING of shares in Naim Holdings Bhd (fundamental: 1/3, valuation: 0.9/3), which triggered our momentum algorithm yesterday for the seventh time this year, saw the stock close 18.5 sen or 18.97% higher at RM1.16 sen.

The counter saw 45.16 million shares done, compared with the average 5.04 million shares recorded in the past 200 days.

The construction group posted a net profit of RM1.7 million for the first quarter ended March 31, 2019 versus a net loss of RM16.08 million for the previous year, on a higher profit from its property and construction division as a result of increased work progress, additional new property sales and an improvement in the share of results of its associate Dayang Enterprise Holdings Bhd and subsidiary Perdana Petroleum Bhd.

Conversely, revenue for the quarter fell 1.6% year-on-year to RM141.63 million from RM143.99 million on a lower revenue from the construction sector.