By Asia Analytica / The Edge Financial Daily | July 18, 2016 : 10:12 AM MYT
This article first appeared in The Edge Financial Daily, on July 18, 2016.
Brite-Tech Bhd (+ve)
SHARES in Brite-Tech Bhd (fundamental: 2.7/3, valuation: 1.6/3) rose 4.17% to 37.5 sen with 1.39 million shares traded last Friday. In comparison, its 200-day average volume was 184,794.5.
The company was last picked for “Stocks with Momentum” by our proprietary algorithm on June 3, and has risen 10.3% since. Year-to-date, its share price has increased by 53.06%.
On June 16, Brite-Tech announced that its subsidiary, Tan Tech-Polymer Sdn Bhd, had entered into a sale and purchase agreement with Tech-Latex Holdings Sdn Bhd for the acquisition of a one-storey semi-detached factory with mezzanine office in Melaka for a total purchase consideration of RM901,000.
“The proposed acquisition is for the company’s own use and future expansion whilst potentially enjoying the capital appreciation of the property in the future, if any,” it said.
It also said the funding for the purchase will be via a combination of bank borrowings and internally generated funds.
Based on its latest closing price, the stock is trading at a trailing price-earnings ratio of 16.97 times, and has a market capitalisation of RM94.5 million.
BTECH (0011) - Stock With Momentum: Brite-Tech
http://www.theedgemarkets.com/my/article/stock-momentum-brite-tech-1
