Merge Energy Bhd (-ve)
Trading of shares in Merge Energy Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed 1.5 sen or 5.36% higher at 29.5 sen, with a market capitalisation of RM19.77 million, after 414,100 shares were traded. Comparatively, its 200-day average trading volume was 120,608.5 shares.
Merge Energy is primarily in building, structural and civil engineering works, as well as property investment and development.
The group narrowed its losses in the first financial quarter ended June 30, 2018 (1QFY19) to RM461,000 from RM1.40 million in the same quarter a year ago, as revenue jumped 49% to RM9.08 million from RM6.10 million, with contribution from its new project, Loji Rawatan Air Pagoh.
It said the project’s progress is on schedule, and that its losses were mitigated by the project’s efficiency and strict administrative cost control.