Wing Tai Malaysia Bhd (-ve)
SHARES in Wing Tai Malaysia Bhd (fundamental: 0.5/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the third time this year. The counter closed 0.56% or one sen higher at RM1.80, with 10.91 million shares traded.

On May 23, the company received a mandatory takeover offer from its 66.13%-joint shareholders, Wing Tai Holdings Ltd and Wing Tai Investment & Development Pte Ltd, at RM1.80 apiece — similar to its last traded price.

The figure, however, was at a 34% discount to its net tangible asset per share of RM2.73 as at March 31, 2017. The offerers do not intend to retain the company’s listing status.

The offer came just after Wing Tai Malaysia returned to the black in the third quarter ended March 31, 2017 — quarterly net profit stood at RM12.3 million, from RM941,000 in losses last year, thanks to its property development division. Revenue was 35.43% higher at RM84.62 million, from RM62.48 million previously.