REDtone International Bhd (-ve)
Trading of the shares in REDtone International Bhd (fundamental: 1.65/3, valuation: 0.3/3) also triggered our momentum algorithm last Friday for the first time this year. The group saw 1.48 million shares traded versus its 200-day average of 285,701.5 shares. The stock settled unchanged at 31.5 sen, giving it a market capitalisation of RM238.84 million.
On Aug 4, its wholly-owned unit REDtone IoT Sdn Bhd inked a memorandum of understanding with Bangi Farm Resort Sdn Bhd to jointly explore the development of smart farming solutions to increase the quality and production of durians in Malaysia.
Leveraging on REDtone’s strength in integrated network with multiple last-mile technologies, mobility infrastructure, and various analytics platforms, the Internet of Things-based (IoT) farming solution is expected to improve the quality as well as increase the production of durians to meet the increasing demand from overseas markets.