Orion IXL Bhd (+ve)
Trading of the shares in Orion IXL Bhd (fundamental: 1.55/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed up one sen or 9.52% at 11.5 sen yesterday, with 31.95 million shares done, about four times its 200-day average of 7.91 million shares.
In December last year, The Edge Malaysia weekly reported that Orion IXL Bhd targets to have its financial technology (fintech) solution business provide at least 40% of revenue by the end of the financial year ending June 30, 2019.
Orion IXL in October signed a 15-year agreement to develop and operate an online end-to-end loan application system, which will go live this month.
Its chief executive officer Mohamad Shaharul Mohamad Shariff said the move is part of the group’s strategy to expand as a technology company.
At the current share price, Orion IXL is trading at 0.8 times its book value.