BAHVEST (0098) - Stock With Momentum: Borneo Aqua Harvest

BAHVEST (0098) - Stock With Momentum: Borneo Aqua Harvest

This article first appeared in The Edge Financial Daily, on August 1, 2016.

Borneo Aqua Harvest Bhd (+ve)

SHARES in loss-making Borneo Aqua Harvest Bhd (fundamental: 0.8/3, valuation: 0/3) triggered our momentum algorithm last Friday for the first time this year.

The counter fell as much as 12 sen or 10.17% to RM1.06, before closing at RM1.10, eight sen or 6.78% lower than its previous day’s close. The group saw 2.02 million shares traded.

The group recorded a net loss of RM3.34 million for the financial year ended March 31, 2016 (FY16), compared to a net profit of RM2.33 million in FY15, mainly due the recognition of non-cash employee benefit cost of RM2.55 million, pursuant to an employees’ share option scheme implemented by the company for the group’s eligible staff and directors.

It said in its annual report published last Friday that it is fully committed to continuing its existing aquaculture business despite its proposed plan to diversify into mining.

The company is involved in marine fish breeding and hatchery.

BAHVEST (0098) - Stock With Momentum: Borneo Aqua Harvest