Stock With Momentum: Bio Osmo

This article first appeared in The Edge Financial Daily, on February 22, 2019.
-A +A

Bio Osmo Bhd (-ve)
TRADING of shares in Bio Osmo Bhd (fundamental: 1.2/3, valuation: 0/3) triggered our proprietary momentum algorithm yesterday for the third time this year.

The stock was unchanged at 6.5 sen with a market capitalisation of RM51.7 million, after a total of 19.59 million shares crossed yesterday, sharply higher compared to its 200-day average trading volume of 1.12 million shares.

Bio Osmo announced a net loss after tax from continuing operations to owners of the company of RM4.53 million for its 18-month cumulative period.

It attributed the widened loss to the RM1.04 million tax adjustment arising from reclassification of land to non-current receivable when IMSB surrendered its land bank for the Impiana Resort & Residences Cherating redevelopment project. The reclassification has also resulted in a loss on deemed disposal of RM829,000.