Permaju Industries Bhd (-ve)
TRADING of shares in Permaju Industries Bhd (fundamental: 0.75/3, valuation: 0.9/3) triggered our momentum algorithm last Friday for the first time this year.
The motor vehicle trader, property development and timber plantation firm saw 6.7 million shares traded, equivalent to 3.42% of its share capital, and exceeding the counter’s 200-day average of 3.48 million shares.
The Main Market-listed stock closed up 0.5 sen or 2.17% at 23.5 sen last Friday, with a market capitalisation of RM46.04 million. Permaju was last traded at 0.34 times its book value.
For the first quarter ended March 31, 2018, Permaju’s net loss widened to RM2.29 million due to lower contribution from its property division. Quarterly revenue, however, increased 14.81% to RM14.97 million on steady sales of vehicles.
On prospects, Permaju believes that the general market sentiment is expected to augur well for its business outlook.