The share price of SKY ICT Public Company Limited (SET: SKY) is on course for its fifth winning streak on Friday, following the announcement of its 2Q24 results that saw a revenue growth over 70%.
SKY is trading at THB22.00 per share, increasing 2.33% as the session is approaching mid-day on Friday.
SKY has been witnessing its worst price performance in 1.5 years as the share price plummeted from its record high of THB38.75 in October 2023 to THB15.20 per share in July, representing a 154% plunge in a span of less than a year. The last time that its share price was trading at that level was in January 2023.
The 14-day RSI of SKY was around 11 prior to its surge in early August. Then, the share price started to climb back from an oversold territory in early August when the global stock markets were in disarray over concerns of a US recession. It has now gained 46% in nearly a month and could record a five-day winning streak if it settles higher at the closing today.
SKY reported a net profit of 120 million baht in 2Q24, increased slightly by 2.37% from the same period of last year. Meanwhile, total revenue for the second quarter was 1,625.11 million baht, increasing of 682.83 million baht or 72.47% compared to the same period of prior year due to the revenue from Siam Administrative Management and Security Guards Co., Ltd (SAMCO) which was acquired by subsidiary in portion 100%.
Due to its service business being linked to tourism growth in Thailand, SKY received a positive sentiment from the rising number of tourist arrivals in the kingdom. Thailand has welcomed 22 million tourists from January 1 to August 18, 2024.
