This article first appeared in The Edge Financial Daily, on June 2, 2016.
Ancom Logistics Bhd (-ve)
Ancom Logistics Bhd (fundamental: 2.25/3, valuation: 0.3/3) triggered our momentum algorithm for the first time yesterday.
The counter closed 0.5 sen or 4.55% higher at 11.5 sen, after 306,700 units changed hands. In comparison, it saw an average of 101,310 units traded daily in the last 200 days.
The company is an integrated bulk liquid logistics provider. It also has a bulk liquid terminal in Port Klang.
On May 11, the group announced that it did not manage to issue any new share for its proposed private placement of up to 10% of the issued and paid-up share capital of the company to raise RM7.34 million for working capital, as the extension of time it had obtained from Bursa Securities to complete the implementation of the proposed private placement lapsed that day.
Its latest quarterly net loss for the third quarter ended Feb 29, 2016 widened to RM1.15 million from RM756,000 a year ago, as revenue slipped to RM7.52 million from RM7.73 million previously.
ANCOM (4758) - Stock With Momentum: Ancom Logistics