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Stock With Momentum: SMTrack

TheEdge Fri, Aug 16, 2019 11:09am - 6 months ago

SMTrack Bhd (+ve)

TRADING of shares in SMTrack Bhd (fundamental: 1.2/3, valuation: 0/3) triggered our momentum algorithm yesterday for the second time this month. The counter slipped one sen or 4.88% to close at 19.5 sen after 4.91 million shares were traded, close to its 200-day average volume of 4.58 million shares.

The company is an MSC-status track and trace solutions provider that uses radio frequency identification to provide online and mobile solutions.

The group is in the midst of a private placement exercise involving up to 10% or 14.89 million of its shares to raise as much as RM3.22 million, based on an indicative price of 21.6 sen per share.

It plans to use the proceeds for the proposed acquisition of a 60% in Citilink Aviation M Sdn Bhd (formerly Dexma Express Sdn Bhd, the general sales agent of Garuda Indonesia’s subsidiary Citilink) for RM3.5 million, to venture into the low-cost airline business.

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