ManagePay Systems Bhd (+ve)
SHARES in ManagePay Systems Bhd (fundamental: 0.6/3, valuation: 0/3) triggered our momentum algorithm yesterday for the fifth time this year. The counter slid 1.5 sen or 5.36% to close at 26.5 sen yesterday, after 36.69 million shares were traded, exceeding its 200-day average volume of 6.49 million shares, making it the fifth most traded stock of the day on the local exchange.
ManagePay said in a filing yesterday its associate company Trustgate Bhd intends to apply for listing on the LEAP Market of Bursa Securities. Separately, in May, ManagePay said it received a conditional approval from the government to operate as a moneylender, giving the electronic payment solutions provider another platform to offer financing to customers. Its wholly-owned unit ManagePay Services Sdn Bhd was one of the six firms appointed as P2P financing operators by the Securities Commission Malaysia last November to widen funding avenues for businesses.
At the current share price, ManagePay is trading at 1.89 times its book value.