Stock With Momentum: Sinotop Holdings

TheEdge Mon, Oct 08, 2018 10:56am - 5 years View Original


Sinotop Holdings Bhd (-ve)

TRADING of shares in Sinotop Holdings Bhd (fundamental: 1.2/3; valuation: 0.9/3) triggered our stocks with momentum algorithm last Friday for the fifth time this year.

The stock closed unchanged to 43 sen, with 2.5 million shares done versus the counter’s 200-day average of 259,231 shares.

On April 20, it announced that it was planning to buy between 60% and up to the entire stake in Asianmax Corp Sdn Bhd, a construction outfit controlled by major shareholder Datuk Justin Soo, for as much as RM165 million.

It said the purchase consideration may be settled entirely by cash or entirely via the issuance of new redeemable convertible preference shares (RCPS) at an issue price of 42 sen per RCPS, or by a combination of both.

Sinotop is currently trading at 0.93 times its net book value.

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