Aemulus Holdings Bhd (+ve)
SHARES in loss-making semiconductor firm Aemulus Holdings Bhd (fundamental: N/A, valuation: N/A), which triggered our momentum algorithm yesterday, slipped one sen or 1.72% to settle at 57 sen yesterday, valuing it at RM250.14 million.
The Penang-based company saw some 9.56 million shares traded, equivalent to 2.18% of its share capital, which exceeded its 200-day average volume of 2.64 million shares.
On July 14, CIMB Investment Bank Bhd said Aemulus shares were consolidating in a triangle pattern. “We believe prices could potentially break out above the pattern resistance in due time as the uptrend is still in force,” the bank’s technical analysis team wrote in a note. Earlier in May, CIMB Investment Bank raised its target price for the stock to 53 sen on an improving industry outlook.
Separately, Aemulus’ chief executive officer told The Edge Financial Daily in May that the company was determined to turn around its fortune in the financial year ending Sept 30, 2017 (FY17), after reporting its maiden loss in FY16 since its establishment in 2004.