Rev Asia Bhd (-ve)
SHARES in Rev Asia Bhd (fundamental: 2.3/3, valuation: 0.8/3) triggered our momentum algorithm on Tuesday for the fifth time this year.
The stock dropped seven sen or 7.25% to close at 89.5 sen on Tuesday. It saw 7.75 million shares exchange hands, nearly 23 times higher than its 200-day average trading volume of 340,107 shares.
On Monday, Rev Asia announced that it was selling its 100% equity stake in Rev Asia Holdings Sdn Bhd for RM105 million, as it looked to enhance and expand its presence on digital content and digital media platforms.
Rev Asia’s sale of its digital assets will boost Media Prima Bhd’s digital platform audience reach to 10.4 million from five million prior to the announcement of the deal.
Rev Asia is currently trading at 2.11 times its book value. The company is valued at RM120.5 million.