Prestar Resources Bhd (+ve)
SHARES in Prestar Resources Bhd (fundamental: 1.1/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the fifth time this year.
The counter closed five sen or 3.62% higher at RM1.43, with a market capitalisation of RM280.06 million. It saw some 5.97 million shares done, compared with its 200-day average volume of 1.96 million shares.
The steel manufacturer’s net profit more than tripled for the second quarter ended June 30, 2017 (2QFY17) to RM18.04 million from RM5.17 million a year ago, on the recognition of a land and factory disposal. 2QFY17 revenue grew 10.3% to RM168.83 million from RM153.04 million.
Net profit for the cumulative six months was up over three times to RM27.33 million from RM8.32 million, mainly on stronger demand and higher sales margins, while cumulative revenue grew 15.6% to RM344.55 million from RM298.01 million.
http://www.theedgemarkets.com/article/stock-momentum-prestar-resources-4
