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Stock With Momentum: Ivory Properties Group
by Cals Thu 12 May 2016, 23:07
Stock With Momentum: Ivory Properties Group
By Asia Analytica / The Edge Financial Daily | May 12, 2016 : 10:46 AM MYTThis article first appeared in The Edge Financial Daily, on May 12, 2016.
Ivory Properties Group Bhd (-ve)
SHARES in Ivory Properties Group Bhd (fundamental: 0.45/3, valuation: 1.7/3) triggered our momentum algorithm for the first time this year as the stock price rose 2.5 sen or 6.25% to close at 42.5 sen, with 6.21 million shares traded. This compared to its 200-day average volume of about 174,029 shares.
Ivory Properties is principally engaged in property development and construction activities.
The company posted a net profit of RM1.42 million in the third financial quarter ended Dec 31, 2015 (3QFY16), up 191% from RM489,000 a year ago, on higher revenue.
Its 3QFY16 revenue jumped 176.4% to RM157.28 million from RM56.91 million, mainly contributed by the en bloc sales of Phase 3 and Phase 4 of Penang Times Square. The increase in revenue from the construction division was mainly from higher billings of work performed during the quarter.
The counter is trading at a trailing price-earnings ratio of 9.78 times and is 0.46 times its book value.
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