Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily, on November 4, 2015.

 

Rexit Bhd (+ve)

REXIT (Fundamental: 1.95/3.0, Valuation: 1.7/3.0) triggered our momentum algorithm for the first time yesterday. Since falling to a low of 34.5 sen in August, the stock has risen by 56.5% to close at an all-time high of 54 sen yesterday.

Notably, the company has been buying back its shares in the open market. As of October 20, treasury shares totalled 5.3% of outstanding shares, up from 4.3% on February 16. 

Listed on the ACE market, Rexit provides web-based information technology solutions to the general insurance and financial services industry, in the form of front-end sales and marketing functions as well as back-end operations. Its products include e-Cover,  InforGuardian and e-PPA. 

For FY2015, revenue rose 41.8% to RM17 million, while net profit jumped 56.3% to RM5.3 million, largely attributed to higher software sales including subscription and transaction for the e-Cover services. Net cash stood at RM20.6 million, which equates to 21.1% of its RM97.7 market valuation.

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