Kumpulan Fima heavily traded


  • Business
  • Saturday, 21 Jul 2007

PETALING JAYA: Market laggard Kumpulan Fima Bhd (Kump Fima) saw heavier than usual trading yesterday.  

The normally subdued stock recorded a turnover of 30.4 million shares, with just 1.4 million shares transacted a day earlier.  

The surge in volume lifted Kump Fima's share price 18.5 sen, or 26% higher, to a seven-year high of 91 sen. 

“Some stocks perceived to be closely linked to the government are attracting strong speculative interest ahead of the general election,'' a dealer said. 

Kump Fima is one of three companies selected to lease biodiesel plants built by the Malaysia Palm Oil Board. The plants are expected to operational this year.  

While the stock is hardly featured by research analysts, its decent set of results warrants a second look by investors shopping for cheap exposure to a rising market.  

For the year ended March 31, (FY07) Kump Fima registered a net profit of RM29.66mil, or 11.27 sen per share. 

The results were slightly lower compared with the same period last year, although the lack of coverage means valuations will remain depressed at single-digit multiples. 

It is worth noting that the group has remained profitable the past five years. The numbers, however, have been on the decline since FY04. 

Kump Fima has announced a number of corporate proposals over the past few days. 

Earlier this week, the company said it was expanding its bulking services via the acquisition of Boustead Oil Bulking Sdn Bhd for RM6.97mil. 

It has also entered into an agreement to swap its piece of agricultural land in Temenggor, Perak, in exchange for 14 office units at PJ Trade Centre, Bandar Damansara Perdana, Petaling Jaya in a deal worth RM15.8mil. 

Kump Fima's 60%-owned unit, FIMA Corp Bhd, gained 10 sen, or 4.4%, to RM2.36 yesterday on volume of 236,700 shares.  

Fima Corp, which prints and supplies security documents to the government, registered a net profit of RM27.6mil, or 34 sen per share, in the financial year ended March 31.  

 KFIMA :  [Stock Watch]  [News]

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

MUI Group's PMC to buy 51% stake in A&W Malaysia
Yinson reports third straight quarterly earnings growth
KPower posts RM37.4mil net profit in FY21, despite Covid-19 setbacks
FBM KLCI broadly higher on bargain-hunting activities
BNM's international reserves at US$116.2bil as at Sept 15
China stocks end higher, Evergrande's assurances lift real estate firms
Maybank, UOB to jointly underwrite RM2bil Islamic facility for Malayan cement
DFIs provide micro-SMEs with financing totalling RM8.1bil
Oil prices rise on tight supply, renewed risk appetite
Citi Malaysia bags multiple banking awards

Stories You'll Enjoy


Vouchers