Nova MSC Bhd (+ve)
TRADING of the shares in Nova MSC (fundamental: 1.85/3, valuation: 0/3), which triggered our momentum algorithm yesterday, saw over 105.74 million shares done, about nine times the stock’s 200-day average volume of about 11.2 million shares.
The stock settled 2.7% or 0.5 sen higher at 19 sen. In mid-July, the group’s chief executive officer Steven Chan Wing Kong reportedly said Nova MSC was looking to secure more digital government service contracts, particularly in Malaysia.
A month before that, Nova MSC inked an agreement to sell its 51% equity interest in Singapore-based engineering consulting firm, Primustech Pte Ltd for S$3 million (RM8.96 million).
The proposed sale will allow the group to focus its resources on the e-Government and healthcare application solution segments, which the group believes have good prospects and high growth potential. According to its stock exchange filing, the group has already secured orders of some RM117 million.