Friday 29 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily, on December 15, 2015.

 

CWorks Systems Bhd (+ve)

ACE market-listed CWorks (Fundamental: 2.25/3, Valuation: 0/3) slumped 12.9% to 30.5 sen yesterday. This came after the stock closed at a 1-year high of 35 sen on Friday. 

Just two weeks earlier, CWorks announced that Raja Abdullah Bin Raja Baharudin emerged as a substantial shareholder with a 5.1% stake  after acquiring 5 million shares on September 7. It is unknown why the announcement was only made three months after the acquisition. 

A maintenance management software specialist, CWorks’ product is used in asset-intensive industries such as manufacturing, facility management, airports, and oil and gas.

CWorks appears to be headed for a third consecutive year of full-year losses. For 9M2015, revenues dropped 16.8% y-y to RM2.6 million while net losses narrowed to RM1 million from RM1.3 million.

On November 30, CWorks aborted its plan to acquire metal articles manufacturer TNM MFG Sdn Bhd. However, the company said the diversification into manufacturing activities is still ongoing. 

cworks_swm_fd151215_theedgemarkets

      Print
      Text Size
      Share