This article first appeared in The Edge Financial Daily, on May 11, 2016.

Amalgamated Industrial Steel Bhd (-ve)

Shares in Amalgamated Industrial Steel Bhd (AISB) (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm for the first time, after 158,000 shares exchanged hands. The counter closed 2.5 sen or 6.41% lower at 36.5 sen yesterday.

AISB, which is involved in the manufacturing of steel products, was recently under investigation by the Royal Malaysian Customs Department as part of an industry-wide audit of steel product importers.

Last month, the company announced that the Customs had verified records of two importations of hot-rolled coils, adding that there were no irregularities.

For the financial year ended Dec 31, 2015, it dipped into the red with a net loss of RM6.5 million, compared to a net profit of RM401,000 in the previous year, on the back of a 13% fall in revenue to RM69.76 million, from RM80.33 million.

The stock trades at 0.43 times its book value. AISB did not declare any dividends for 2015.