Atta Global Group Bhd (-ve)

SHARES of Atta Global Group Bhd (fundamental: 0.95/3, valuation: 1.8/3), which triggered our momentum algorithm yesterday for the first time this year, gained 11.73% or 9.5 sen to settle at 90.5 sen on market close after 549,400 shares changed hands.

Atta is involved in the processing of steel coil, tube, strapping and furniture, as well as metal roofing, floor decking, and perforated metal, besides the industrial recycling of scrap metal. It was formerly known as SMPC Corp Bhd, before changing to its present name last October.

On Oct 5, 2016, its board of directors announced a second interim dividend of two sen per share and a special dividend of five sen per share for the financial year ending March 31, 2017, which will go ex on Nov 14, 2016, and be payable on Dec 15, 2016.

At its current price, the payout represents a dividend yield of about 7.73%. The group’s share price has more than doubled in just over a month compared with its Sept 2 price of 45 sen.