Stock With Momentum: MNC Wireless

This article first appeared in The Edge Financial Daily, on August 8, 2019.
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MNC Wireless Bhd (-ve)
TRADING of shares in MNC Wireless Bhd (fundamental: 1.2/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the fourth time this year.

The counter settled half a sen or 7.69% higher to seven sen yesterday. A total of 13.51 million shares were traded, which was 15 times higher than its 200-day average trading volume of 897,180 shares.

The group posted a net profit of RM61,000 on revenue of RM1.32 million for the financial year ended April 30, 2019. There were no comparative figures for the quarter following the changes in the financial year-end from Dec 31, 2018, to April 30, 2019.

On prospects, the group expects its business segments to trend upwards with increasing demand for mobile and digital applications and its multimedia related services as both consumers and businesses embrace the increasing trend of the digital marketing environment.