Stock With Momentum: Green Packet

This article first appeared in The Edge Financial Daily, on July 23, 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 seventh time this month.

The counter closed up 4.5 sen or 9.78% at 50.5 sen yesterday, with 59.4 million shares traded, higher than its 200-day average volume of 3.97 million shares.

The company is a fourth-generation network operator and service provider.

Last Friday, Green Packet announced that it is collaborating with Bank Islam Malaysia Bhd to provide electronic wallet services.

It said its wholly-owned KiplePay Sdn Bhd, an e-money issuer approved by Bank Negara Malaysia, had signed a memorandum of understanding with Bank Islam, effective for two years from the signing date.

As at yesterday, Green Packet shares were trading at 2.97 times its net book value.