Stock With Momentum: Iris Corp

This article first appeared in The Edge Financial Daily, on August 6, 2018.
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Iris Corp Bhd (+ve)

Trading in the shares of Ace Market-listed Iris Corp Bhd (fundamental: 0.4/3, valuation: 0.3/3) triggered our momentum algorithm last Friday for the first time since October 2017.

The stock settled one sen or 6.45% higher at 16.5 sen on closing, after 57.11 million shares were traded, near four times its 200-day average trading volume of 15.6 million shares.

To note, Felda Investment Corp Sdn Bhd, a unit of the Federal Land Development Authority, in June divested some 35.5 million shares in the technology-consulting provider.

By the end of this year, the company is expected to complete a 20% share issuance and allotment to its major shareholders, Datuk Poh Yang Hong and Datuk Rozabil Abdul Rahman, and Berjaya Corp Bhd chief executive officer and executive director Datuk Seri Robin Tan, for 12 sen apiece.