This article first appeared in The Edge Financial Daily, on January 7, 2016.
Sarawak Cable Bhd (+ve)
SARAWAK Cable (Fundamental: 0.55/3, Valuation: 1.4/3) was heavily traded yesterday with 7.1 million shares changing hands, in comparison with its average 200-day trading volume of 464,048 shares. The stock closed 4.0% higher at RM1.82.
The company last featured in “Stocks with Momentum” on Oct 21, 2015 and had risen by 23% ever since.
It was reported that the company plans to invest in two more joint-venture hydro power plant projects in north Sumatra, Indonesia, where its first such project is near completion. Group managing director and chief executive officer Aaron Toh Chee Ching said SCB would team up with local Indonesian partners to undertake the proposed projects, which would each have a generation capacity of 10MW. The projects have been approved by the local authorities.
For 3Q2015, group revenue jumped 319.2% to RM1.03 billion while net profit soared 957.7% to RM28.3 million.