KUALA LUMPUR (May 29): Lagenda Properties Bhd (KL:LAGENDA) hit limit down during the early trading session on Wednesday and remained there till market close, placing it among the top losers on Bursa Malaysia.
Shares in Lagenda Properties opened the day at RM1.45, 21 sen or 12.7% lower than their previous close. The stock then plunged another 49 sen or 29.5% to RM1.17 after 29.36 million shares changed hands. At its current price, the group has a market value of RM979.67 million.
Bursa Malaysia suspended intraday short-selling on Lagenda shares after the stock hit limit down on Wednesday. The exchange has also asked the company to explain the unusual market activity following the sharp decline in its share price.
Prior to the plunge, Bloomberg data showed that five out of five institutional analysts who covered the stock had a 'buy' call, with a consensus 12-month average target price of RM2.04.
The company said on Monday that its net profit rose 8.6% to RM42.72 million for the first quarter ended March 31, 2024 (1QFY2024), from RM39.34 million a year earlier.
This was largely contributed by its newly launched projects, including Darulaman Lagenda in Kedah, as well as Lagenda Teluk Intan and Lagenda Tropika in Perak.
Revenue was up 24.7% to RM225.62 million for the quarter under review, from RM180.95 million for 1QFY2023.