M3 Technologies (Asia) Bhd (+ve)
SHARES in M3 Technologies (Asia) Bhd (M3 Tech) (fundamental: 1.55/3, valuation: 0.3/3) rose by 1.96% to 26 sen last Friday, with 18.8 million shares traded. In comparison, its 200-day average volume was only about 1.15 million shares.
The company was just featured in “Stocks with Momentum” on May 5, when its share price was at 20 sen, but had seen a 30% rise in only about two weeks.
On May 13, the share price jumped 17.1% to 24 sen, from 20.5 sen in a day, after an announcement to Bursa Malaysia on May 12 that showed XOX Bhd had emerged as a substantial shareholder of the company, following the acquisition of two million shares on May 12 that brought XOX’s total holding to 11.69 million shares, representing a 5.92% stake.
At the current level, M3 Tech is trading at 1.83 times its book value, with a market capitalisation of RM50.6 million.
M3TECH (0017) - Stock With Momentum: M3 Technologies (Asia) http://www.theedgemarkets.com/my/article/stock-momentum-m3-technologies-asia-0
