Alam Maritim Resources Bhd (-ve)
TRADING of shares in Alam Maritim Resources Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time since July 2018.
The stock finished half a sen or 4.35% lower at 11 sen, valuing the company at RM101.69 million. A total of 15.55 million shares crossed yesterday, compared with the counter’s 200-day average trading volume of 1.97 million shares.
The offshore support vessel provider, which has been loss-making for three years, is unlikely to stage a turnaround this financial year ending Dec 31, 2019, despite a string of contracts secured, according to its managing director Datuk Azmi Ahmad.
This is no thanks to the continued asset impairments and as latest contracts secured will start contributing only next year, said Azmi, who pointed out that the group is still in repayment mode.