Hubline Bhd (+ve)

TRADING of shares in Hubline Bhd (fundamental: 0.2/3, valuation: 0.3/3) triggered our proprietary momentum algorithm yesterday for the first time since October 2017.

A total of 45.66 million shares crossed — sharply higher when compared with the counter’s 200-day average trading volume of 12.72 million shares — before the stock settled up half a sen or 9.09% at six sen, giving it a market capitalisation of RM258.58 million.

For the financial year ended Sept 30, 2018 (FY18), Hubline’s net loss contracted to RM4.2 million from RM19.63 million in FY17, while revenue grew 9% to RM102.55 million from RM94.08 million, on additional shipments and higher freight rates.

The dry bulk shipping services provider said it is optimistic about its performance going forward as bunker prices have been on a downtrend.