GFM Services Bhd (+ve)

SHARES in GFM Services Bhd (fundamental: 0.6/3, valuation: 0.0/3) triggered our momentum algorithm yesterday as it debuted on the Bursa Malaysia ACE Market at a 28% premium, with its shares opening at 46 sen each, compared with its issue price of 38 sen each.

GFM was the fifth most actively traded stock and among the top ten gainers on the market.

The group specialises in integrated facilities management, and with its listing has completed the reverse takeover of loss-making e-commerce firm AsiaEP Resources Bhd.

It told the media that it is now eyeing mergers and acquisitions (M&As), joint ventures and collaborations with multinationals and the government, and has 26 projects in its pipeline worth RM1.8 billion.

The group said it does not have a specific M&A target, but hopes to secure one this year. A total of 22.1 million shares were traded as the counter rose 1 sen to settle at 48 sen, with a market capitalisation of RM203.3 million.