Priceworth International Bhd (+ve)
TRADING of shares in Priceworth International Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.
The group’s shares settled 0.5 sen or 8.33% lower at 5.5 sen apiece, with a market capitalisation of RM224.53 million. A total of 60.3 million shares were traded, versus its 200-day average trading volume of 21 million shares.
In the first quarter ended Sept 30, 2018 (1QFY19), the group saw a net loss of RM17.94 million versus a net profit of RM1.13 million in the previous year, as revenue fell 71.6% to RM11.69 million from RM41.15 million a year ago.
The weak 1QFY19 performance was due to a temporary cessation of logging operations to facilitate the widely reported verification by the authorities. The Sabah government announced in July that a special task force will be investigating illegal logging activities, after the state banned the export of timber.
Priceworth International is now trading at 0.39 times its net book value.