Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on February 21, 2019

Teo Seng Capital Bhd (-ve)
Trading of shares Teo Seng Capital Bhd (fundamental: 0.8/3, valuation: 0.65/3) triggered our proprietary momentum algorithm on Monday for the eighth time this year.

A total of 2.29 million shares crossed yesterday, more than 12 times its 200-day average of 187,549 shares, before the counter closed two sen or 1.54% higher at RM1.32, bringing it a market capitalisation of RM395.64 million.

The egg producer is controlled by Leong Hup Holdings Bhd, which also controls Indonesian integrated poultry player PT Malindo Feedmill Tbk.

Leong Hup is seeking to relist its shares on Bursa Malaysia’s Main Market, after being delisted in April 2012 following a privatisation exercise. The initial public offering will involve the issuance of up to 1.6 billion shares to raise proceeds mainly for the repayment of bank borrowings, capital expenditure and working capital.

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