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

Nexgram Holdings Bhd (-ve)

SHARES in Nexgram Holdings Bhd (fundamental: 0.4/3, valuation: 0.9/3), which triggered our momentum algorithm for the fourth time this year, closed 0.5 sen or 7.69% higher at seven sen.

It saw 90.25 million shares traded over eight times its 200-day average volume of 10.86 million shares.

Nexgram announced on April 13 that its wholly-owned subsidiary Nexgram Industries Sdn Bhd had inked a strategic cooperation framework agreement with Shanghai Zhida New Energy Automobile Public Support Development Co Ltd — a subsidiary of Shanghai Zhida Science and Technology Development Co Ltd (Zhida Group) — to establish a joint venture and distribute electronic vehicle charging products and services in Southeast Asia.

“Malaysia will be a sole distribution hub,” its announcement read. Nexgram will hold an 85% stake in the joint venture, which will need a RM10 million investment injection, with Zhida Group holding 15%.

Over the past 12 months, Nexgram’s stock has climbed about 56%, giving it a market capitalisation of RM131.75 million.