NICORP (4464) - Stock With Momentum: Naim Indah

NICORP (4464) - Stock With Momentum: Naim Indah

This article first appeared in The Edge Financial Daily, on August 1, 2016.

Naim Indah Corp (-ve)

SHARES in Naim Indah Corp (fundamental: 0.7/3, valuation: 0.3/3), one of the most actively traded counters last Friday, saw some 41.78 million shares change hands.

The Sarawak-based contruction counter, which was trading at eight sen per share on July 22, rose to 10 sen last Thursday as the group announced on the same day its 70%-owned joint venture with Gamuda Group Bhd had been awarded a Pan Borneo Highway work package worth RM1.57 billion.

Last Friday, its shares went down to 9.5 sen.

The package is for the stretch of the highway from Pantu Junction to Batang Skrang. Awarded by Lebuhraya Borneo Utara Sdn Bhd, the job, for 51 months from the date of site possession, is expected to contribute positively to Naim’s earnings during its tenure.

For the first quarter ended March 31, 2016, the group’s net profit was RM897,000, down 94.9% from the RM17.61 million it recorded in the previous year.

NICORP (4464) - Stock With Momentum: Naim Indah