Stock With Momentum: Prestariang

This article first appeared in The Edge Financial Daily, on March 14, 2019.
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Prestariang Bhd (-ve)

TRADING of shares in Prestariang Bhd (fundamental: 0.8/3, valuation: 0.8/3) triggered our momentum algorithm yesterday for the second time this month.

The stock finished half a sen up or 0.89% at 57 sen, valuing it at RM274.91 million. A total of 90.64 million shares were traded, compared with its 200-day average trading volume of 17.71 million shares.

Prestariang has been in the limelight amid market talks of a potential revival of the RM3.5 billion national immigration control system (SKIN) contract that was terminated in December last year.

The company’s share price has risen 50% since March — and at one point suspended — to now be valued at RM274.91 million. Prestariang has told the stock exchange that it is not aware of any potential revival or reinstatement of the SKIN project.