Amalgamated Industrial Steel Bhd (-ve)
Shares in Amalgamated Industrial Steel Bhd (AISB) (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm for the first time, after 158,000 shares exchanged hands. The counter closed 2.5 sen or 6.41% lower at 36.5 sen yesterday.
AISB, which is involved in the manufacturing of steel products, was recently under investigation by the Royal Malaysian Customs Department as part of an industry-wide audit of steel product importers.
Last month, the company announced that the Customs had verified records of two importations of hot-rolled coils, adding that there were no irregularities.
For the financial year ended Dec 31, 2015, it dipped into the red with a net loss of RM6.5 million, compared to a net profit of RM401,000 in the previous year, on the back of a 13% fall in revenue to RM69.76 million, from RM80.33 million.
The stock trades at 0.43 times its book value. AISB did not declare any dividends for 2015.
AISB (2682) - Stock With Momentum: Amalgamated Industrial Steel
http://www.theedgemarkets.com/my/article/stock-momentum-amalgamated-industrial-steel
