Sealink International Bhd (-ve)
TRADING of shares in Sealink International Bhd (fundamental: 0.4/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the 10th time this year.
The counter closed two sen higher at 31 sen yesterday, with 10.82 million shares done, five times higher than its 200-day average volume of 2.37 million shares. Over the past year, its share price has surged some 138.46% from 13 sen.
For the second quarter ended June 30, 2019, Sealink’s net loss widened to RM9.57 million from RM1.12 million a year ago due to the activation of vessels. Revenue shrank by 7% to RM12 million from RM12.9 million due to lower contribution from its shipbuilding and ship charter divisions.
The weak quarterly performance also dragged its result for the cumulative six-month period as net loss expanded to RM19.10 million from RM12.31 million. Revenue fell 15.4% to RM19.04 million from RM22.51 million.