Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on March 9, 2020

Permaju Industries Bhd (-ve)
PERMAJU Industries Bhd (fundamental: 0.75/3, valuation: 0.3/3) made it into our Stocks with Momentum list last Friday for the first time this year.

The counter rose 5.5 sen or 6.11% to close at a 15-year high of 95.5 sen. The stock saw 15.57 million shares cross during the day, almost six times its 200-day average volume of 2.67 million.

It was unclear what was driving the interest in the loss-making company involved in the timber product business.

For the second financial quarter ended Dec 31, 2019, Permaju posted a net loss of RM762,000, its third consecutive quarter in the red, on a revenue of RM18.55 million. No comparative figures were provided as the company changed its financial year end from Dec 31 to June 30. The loss for the quarter came amid high selling, marketing and administrative expenses.

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