Stock With Momentum: Pharmaniaga

This article first appeared in The Edge Financial Daily, on June 25, 2019.
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Pharmaniaga Bhd (-ve)

TRADING of shares in Pharmaniaga Bhd (fundamental: 0.35/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the first time this year.

The stock closed seven sen or 2.58% higher to RM2.78 yesterday, with 918,900 shares done, compared with its average 144,452 shares recorded in the past 200 days.

Net profit for the quarter ended March 31, 2019 rose 12% to RM19.62 million from RM17.59 million a year earlier, thanks to the stronger demand for public and private hospitals in Malaysia and Indonesia. Revenue increased 27.22% to RM786.11 million from RM617.92 million.

The group declared a first interim dividend of six sen, payable on Thursday.