M-Mode Bhd (+ve)
Trading of shares in M-Mode Bhd (fundamental: 2.5/3, valuation: 1.1/3) triggered our proprietary momentum algorithm for the first time yesterday since May 2017.
The stock closed 1.5 sen or 4% up at 39 sen yesterday, with a total of 3.82 million shares changing hands, sharply higher than its 200-day average trading volume of 934,371 shares.
M-Mode recently bagged a RM260.57 million construction contract to build a 25-storey mixed commercial development in Jalan Tun Fuad Stephens in
Kota Kinabalu, Sabah.
The project — to be completed within three years by May 2021, awarded by Titijaya PMC Sdn Bhd to its wholly-owned subsidiary E&J Builders Sdn Bhd, should contribute to M-Mode’s earnings for the financial year ending May 31, 2019.
M-Mode was a provider of mobile content and data application services, producer and distributor of magazines and a media advertising agent before it ventured into the construction industry in October last year.