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Stock With Momentum: Tomypak Holdings

TheEdge Wed, Nov 27, 2019 10:32am - 8 months ago

Tomypak Holdings Bhd (-ve)

TRADING of shares in Tomypak Holdings Bhd (fundamental: 0.2/3, valuation: 0.3/3) triggered our momentum algorithm yesterday for the first time this year. The counter closed up two sen or 3.81% at 54.5 sen, following trades of 3.13 million shares, more than seven times its 200-day average trading volume of 415,961.5 shares.

The packaging materials manufacturer has been on an uptrend since end-August, gaining 21% since its closing of 45 sen on Aug 27.

Earlier this month, The Edge Malaysia weekly reported that entrepreneur Eddie Lim Hun Swee had been actively raising his stake in Tomypak, while paring down his shares in Johore Tin Bhd. Both companies are based in Johor. As at Nov 15, Lim held 20.398% in Tomypak, the second-largest shareholder after New Orient Resources Sdn Bhd, which held 23.558%.

In January, The Edge Malaysia weekly, citing sources, reported that non-executive chairman Adrian Yong Kwet On was looking for a buyer to take over his entire stake in Tomypak, which was neither confirmed nor denied by the company.

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