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This article first appeared in The Edge Financial Daily on October 4, 2019

MMAG Holdings Bhd (-ve)

TRADING of shares in MMAG Holdings Bhd (fundamental: 1.25/3, valuation: 0/3) triggered our momentum algorithm yesterday for the fourth time this year.

The counter closed 2.5 sen or 7.46% higher at 36 sen yesterday, with a market capitalisation of RM256.04 million. It saw 6.42 million shares traded, exceeding its 200-day average trading volume of 233,413.5 shares.

For the first financial quarter ended June 30, 2019, the group widened its net loss to RM5.92 million, from RM3.66 million a year ago. Quarterly revenue, however, grew to RM34.39 million from RM8.19 million.

It attributed the higher quarterly revenue to its mobile and fulfilment division, which generated higher revenue from its mobile devices distribution business. The wider net loss was blamed on higher operational expenses incurred for the expansion of new branches, the purchase of additional new vehicles and new hires in its courier and logistics services segment’s expansion.

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