Stock With Momentum: Green Packet

This article first appeared in The Edge Financial Daily, on July 18, 2019.
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Green Packet Bhd (+ve)

TRADING of shares in Green Packet Bhd (fundamental: 0.35/3, valuation: 0/3) triggered our momentum algorithm yesterday for the sixth time this year.

The counter closed up one sen or 2.53% at 40.5 sen, with 17.1 million shares traded, in contrast to its 200-day average of 3.38 million shares.

It announced earlier this month that its founder Puan Chan Cheong had been redesignated as group managing director and chief executive officer (CEO), with effect from July 1, from his post as non-executive director previously, in a management reshuffle aimed at growing the telecommunications company’s digital ventures. Tan Kay Yen, on the other hand, stepped down from the CEO position but remained as the group’s executive director.

For the first quarter ended March 31, 2019, Green Packet announced a widened net loss of RM13.88 million versus RM7.05 million last year, while its quarterly revenue fell 8.1% to RM97.94 million from RM106.55 million.