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This article first appeared in The Edge Financial Daily on May 23, 2018

GSB Group Bhd (-ve)

SHARES in GSB Group Bhd (fundamental: 0.15/3, valuation: 0.3/3), triggered our proprietary momentum algorithm for the second time since January this year.

The stock closed one sen or 6.25% lower at 15 sen, with a market capitalisation of RM84.5 million. A total of 13.46 million shares were traded, about 13 times higher than its 200-day average volume of 1.047 million shares.

On May 18, Kerjaya Prospek Group Bhd executive director Datin Toh Siew Chuon, wife of group executive chairman Datuk Tee Eng Ho — through Javawana Sdn Bhd — acquired an additional 24.05% interest in GSB for RM16.51 million in cash. With the latest acquisition, Javawana’s interest in the property firm increased to 40.71% from 16.66%.

For the nine-month period ended Dec 31, 2017, GSB’s net loss ballooned to RM4.05 million from RM463,000 a year ago. Revenue dropped to RM21.7 million in the nine-month period, from RM25.03 million in the corresponding period. At the current share price, the company’s shares are trading at 1.52 times its book value

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