Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily, on March 28, 2017.

 

Orion IXL Bhd (-ve)

SHARES in loss-making software solutions firm Orion IXL Bhd (fundamental: 1.65/3, valuation: 0/3) triggered our momentum algorithm yesterday for the third time this year.

The counter closed one sen or 3.57% higher at 29 sen yesterday, giving it a market capitalisation of RM38.6 million.

The counter saw some 47.7 million shares traded, equivalent to 35.84% of its share capital, which exceeded its 200-day average volume of 707,098 shares.

Yesterday, Public Investment Bank Bhd advised its clients to take profit after the stock hit the investment bank’s earlier target price.

“With reference to the technical note published on Jan 19, 2017, the target prices that were previously set were achieved and hence a proportion of holding is recommended to be sold in order to realise some profit,” said the investment bank, which had set two technical target prices — 24 sen and 26 sen.

At the current share price, Orion IXL is trading at 3.9 times its book value.

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