Stock With Momentum: Pasukhas Group Bhd (-ve)
SHARES in Pasukhas Group Bhd (valuation: 0/3, fundamental: 0.95/3) triggered our momentum algorithm yesterday for the fourth time this year after the counter saw some 20.26 million shares traded, 14 times its 200-day average volume of 1.44 million shares. Shares in Pasukhas closed unchanged at 16 sen yesterday, with a market capitalisation of RM129.85 million.
Just last week, Pasukhas said it would acquire a 92.5% stake in Indonesian power plant company PT Teenage Lisntrik Gorontala, who is principally involved in mining and power supply generation.
Having acquired property developer Bungar Majujaya Sdn Bhd, the group also announced in June that it was teaming up with Yayasan Veteran Angkatan Tentera Malaysia to turn a 1.27-acre (0.51ha) state leasehold land into a commercial development.
Pasukhas’ net profit for the first quarter ended March 31, 2017 (1QFY17) dropped 59.1% to RM132,000, from RM323,000 a year ago, while revenue fell 61.22% to RM7.06 million from RM18.2 million in 1QFY16, on fewer civil engineering and construction services projects.