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Merge Energy Bhd (+ve)

SHARES in structural and civil engineering company Merge Energy Bhd (valuation: 1.7/3, fundamental: 1.15/3) triggered our algorithm momentum yesterday for the fifth time this year, with 2.31 million shares changing hands, which were more than 19 times their 200-day average volume of 118,310 shares.

Merge Energy shares gained two sen or 4.08% to close at their 2½-year high of 51 sen. The counter has seen an uptick since mid-June, gaining 20 sen in the course of just three weeks. Year to date, its shares have gained 50%.

For its financial year ended March 31, 2017, Merge Energy posted a net profit of RM1.69 million on revenue of RM87.5 million. The lower figure came as most of its projects had reached near completion.

It is however confident about securing more jobs, having delivered the Ganchong water treatment facility in Pekan, Pahang in January. The project — valued at RM157.96 million — is at five times the company’s current market capitalisation of RM34.17 million.





http://www.theedgemarkets.com/article/stock-momentum-merge-energy-0
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