This article first appeared in The Edge Financial Daily on October 19, 2018
QL Resources Bhd (+ve)
TRADING of shares in agro-food corporation QL Resources Bhd (fundamental: 0.8/3, valuation: 0.5/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed unchanged at RM6.96, after 4.56 million shares were traded, exceeding its 200-day average volume of 1.04 million shares.
In August, the group’s founder and executive chairman Chia Song Kun told the press that the group had earmarked RM300 million for capital spending for its financial year ending March 31, 2019 to build more poultry farms, fish processing plants and aquaculture ponds. The capital expenditure will also be used to expand its FamilyMart convenience store operations.
QL’s net profit rose 4% to RM43.86 million in the first quarter ended June 30, 2018 (1QFY19) from RM42.03 million a year ago, as revenue grew 5% to RM816.18 million from RM778.47 million.