Pelikan International Corp Bhd (-ve)
TRADING of shares in Pelikan International Corp Bhd (fundamental: 0.35/3, valuation: 1.1/3) triggered our momentum algorithm yesterday for the first time since Feb 17, 2017.
The stock closed 19.77% or 8.5 sen higher at 51.5 sen, after 32.26 million shares were traded, exceeding its 200-day average trading volume of 814,001.5 shares.
For the third quarter ended Sept 30, 2019, Pelikan’s net profit increased to RM4.89 million, from RM1.69 million for the previous year, though revenue fell to RM303.31 million from RM321.02 million, thanks to cost improvement measures and the closure of loss-making subsidiaries.
Meanwhile, its cumulative net profit for the nine months ended Sept 30, 2019 grew to RM25.11 million from RM20.85 million a year ago, though revenue declined to RM837.43 million from RM901.19 million.