Stock With Momentum: Kumpulan Powernet

Kumpulan Powernet Bhd (+ve)

Kumpulan Powernet Bhd (fundamental: 1.8/3, valuation: 0/3), which closed 6.5% or 18 sen higher at a new all-time high of RM2.95 last Friday, made it to our Stocks with Momentum list for the 19th time in the past 12 months.

The counter saw some 4.82 million shares traded, over five times its 200-day average trading volume of 894,215 shares. Year-to-date, the stock’s share price has surged 104.86% from RM1.44 on Dec 31, 2019.

The textile manufacturer announced last Tuesday that it has received a contract to undertake the development of an 8MW hydropower plant in Laos worth US$15.88 million (RM65.74 million).

The company, which saw the emergence of Serba Dinamik Holdings Bhd founder Datuk Dr Mohd Abdul Karim Abdullah as its new major shareholder last June, wants to achieve a RM1 billion order book by June 30, with projects from the energy, utility, logistics, and infrastructure sectors.