Iskandar Waterfront City Bhd (+ve)
Yesterday, shares of Iskandar Waterfront City Bhd (fundamental: 0.85/3, valuation: 0.9/3) triggered our momentum algorithm for the first time this year, as the counter continued to see its volume and share price go up.
The counter’s share price hit its 15-week high yesterday when it ended the day three sen or 3.31% higher at 93.5 sen, giving it a market capitalisation of RM626.19 million, compared to its 200-day average volume of only 1.1 million shares. The counter has risen 12.65% in two trading days, from 83 sen last Thursday.
This was after an English daily reported, citing a source, that parties linked to tycoon Tan Sri Quek Leng Chan were looking to acquire a 20% stake in Credence Resources Sdn Bhd, which owns a 60% stake in Iskandar Waterfront Holdings Sdn Bhd (IWH). IWH, in turn, owns 47.16% of Iskandar Waterfront City.
To note, the stock trades at a trailing 12-month price-earnings ratio of about 84 times and above its book value of 83 sen.
IWCITY (1589) - Stock With Momentum: Iskandar Waterfront City http://www.theedgemarkets.com/my/article/stock-momentum-iskandar-waterfront-city-0
