Stock With Momentum: EG Industries

TheEdge Wed, Oct 16, 2019 11:25am - 4 years View Original


EG Industries Bhd (-ve)

TRADING of shares in EG Industries Bhd (fundamental: 0.55/3, valuation: 1.1/3) triggered our momentum algorithm yesterday for the first time this year.

The counter closed half a sen or 1.23% lower at 40 sen, bringing it a market capitalisation of RM102.97 million. The counter saw some 2.76 million shares traded, about five times higher than its 200-day average trading volume of barely 515,692 shares.

EG Industries’ subsidiary SMT Technologies Sdn Bhd formed a joint venture (JV) with Taiwan-based Quanta Storage Inc to undertake manufacturing works for Western Digital in May.

The manufacturing works will be extended to other customers in Malaysia and Thailand as well, the electronics manufacturing services provider said. EG Industries said it will inject a capital contribution of RM1.96 million into the JV called TM SMT Sdn Bhd.

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