Stock With Momentum: AppAsia
AppAsia Bhd (-ve)
SHARES in AppAsia Bhd (fundamental: 2.25/3, valuation: 0.3/3) rose one sen to close at a one-year high of 13.5 sen yesterday, following trades of 3.97 million shares, more than eight times the counter’s 200-day average volume of 461,779.5 shares. It was unclear what drove the trading surge in the counter.
The company yesterday reported a net profit of RM19,000 for its third quarter ended Sept 30, 2019, marking its second consecutive quarter in the black, versus a net loss of RM286,000 in the previous year’s corresponding quarter, on higher gross profit margin and a reduction in administrative expenses. This was despite quarterly revenue falling 45% to RM24.19 million from RM44.22 million, which was attributed to lower sales under the e-commerce division.
For the cumulative nine months ended Sept 30, 2019, the company’s net profit dropped 77% to RM126,000 from RM548,000, also attributed to lower sales under the e-commerce division.
The stock is trading at 0.07 times its net asset value.
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