Stock With Momentum: Country Heights Holdings

This article first appeared in The Edge Financial Daily, on January 10, 2019.
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Country Heights Holdings Bhd (-ve)
TRADING of shares in Country Heights Holdings Bhd (fundamental: 1.3/3; valuation: 0.9/3), which triggered our proprietary momentum algorithm yesterday for the first time this year, closed up six sen, or 4.22%, at RM1.48, with a market capitalisation of RM404.87 million.

A total of 552,000 shares were done, versus its 200-day average trading volume of 82,750 shares. It is principally engaged in property development.  In November last year, it  announced that it was expecting to receive a tax refund of RM3.8 million from the Inland Revenue Board Malaysia. Its  unit,  Mines Waterfront Business Park Sdn Bhd (MWBP), will receive refunds for the financial years 2007 (RM14,933.43), 2008 (RM976,891.50), 2009 (RM1.16 million), 2010 (RM1.03 million) and 2011 (RM687,715.75). The  reduced assessments are due to the adjustments made on tax deduction claims on interest expenses paid to East Vision Leisure Group Sdn Bhd and a Maybank term loan that were submitted by MWBP via its tax agent. As at yesterday, it  was trading at 0.45 times its book value.