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Thursday, October 27, 2016
Stocks with momentum: Versatile Creative Bhd
SHARES in Versatile Creative Bhd (fundamental: 0/3, valuation: 0.55/3), which triggered our momentum algorithm yesterday, slipped one sen or 0.76% to RM1.31 after 2.61 million shares were done; in contrast, its 200-day average volume was only 445,508.5 shares.
In May, the loss-making company secured a contract to build a halal vaccine plant along with a pharmaceutical plant and research centre in Bandar Enstek Industrial Park, Negeri Sembilan, for US$69.3 million.
The contract was awarded by Oriental Mace Sdn Bhd, which is part of Oriental Mace Group that is led by Professor Dr Wong Kong Yew as chief executive officer.
On Aug 29, it was revealed that Wong had inked an agreement with Versatile executive chairman Datuk Lee Kwee Hiang to buy the latter’s 18.33% stake in Versatile at RM17.21 million or 80 sen per share.
Versatile is trading at 3.72 times its net book value. No dividends were paid out for the financial year ended March 31, 2016.