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This article first appeared in The Edge Financial Daily on April 19, 2018

Kobay Technology Bhd (+ve)

SHARES in Kobay Technology Bhd (fundamental: 2.5/3, valuation: 1.7/3) triggered our momentum algorithm for the third time since March.

At market close yesterday, the counter closed three sen or 2.68% higher to RM1.15 with a market capitalisation of RM119.48 million. A total of 777,000 shares were traded, exceeding its 200-day average trading volume of 119,374 shares.

Kobay is a property developer and a manufacturer of precision components, tooling, automation equipment and fabricated structures serving sectors such as aerospace, semiconductor, electrical and electronics, as well as oil and gas.

The group said it is expecting a RM900,000 reduction in its net profit and net assets for the financial year ending June 30, 2018, after the legal battle between its wholly-owned Bend Weld Engineering Sdn Bhd (BWE) and NGL Tech Sdn Bhd reached a settlement sum of RM200,000, extinguishing NGL’s claim of RM2.87 million against BWE.

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