SHARES in Mega First Corp Bhd (fundamental: 2.5/3, valuation: 3/3) gained 12 sen or 6.3% to RM2.03 last Friday, with 2.36 million shares done, valuing it at RM774. 25 million.
The last time Mega First was picked as “stocks with momentum” was Nov 27, last year. The stock has been trading between RM1.92 and RM2.04 in the past 52 weeks.
In its first quarter ended March 31, 2016 (1QFY16), net profit rose 26.4% to RM23.6 million, from RM18.67 million a year ago, as revenue gained 60.7% to RM218.31 million from RM135.84 million.
The improved financials was mainly due to the recognition of construction revenue for its Don Sahong hydropower project in Cambodia.
Mega First believes the remainder of FY16 will be challenging amid global economic uncertainties, though it expects an overall positive performance, primarily from the continued recognition of construction profit from Don Sahong.
MFCB (3069) - Stock With Momentum: Mega First Corp