YGL Convergence Bhd (+ve)

YGL Convergence Bhd (fundamental: 1.65/3, valuation: 0.3/3) also made it to our Stocks with Momentum list last Friday for the first time this year.

The counter rose 8.7% or one sen to close at 12.5 sen, giving the group a market capitalisation of RM26.71 million, after 1.33 million shares were traded. In contrast, its 200-day average trading volume was 129,092.5 shares.

On March 6, the group said it was incorporating a new subsidiary, NS Infotech Sdn Bhd, that would be involved in the telecommunications and information technology sector. NS Infotech will undertake software development and system integration work, as well as provide consultancy, project management, software, and telecommunications system implementations for both the private and public sectors.

The group said setting up the subsidiary was in line with its objective of expanding its product and service offerings, particularly to the government sector.