Sanichi Technology Bhd (+ve)
TRADING of the shares in Sanichi Technology Bhd (fundamental: 0.6/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.
The counter fell half a sen or 10% to close at 4.5 sen, after 62.13 million shares changed hands, making it the fifth-most actively traded counter on Bursa Malaysia.
The company continued to bleed for the second quarter ended June 30, 2019 with a net loss of RM3.94 million — its third straight quarterly loss — albeit at a smaller volume compared with RM6.93 million a year ago, due to the absence of share-based expenses. Revenue, however, fell 36.43% year-on-year to RM3.57 million from RM5.61 million.
For the cumulative six months ended June 30, 2019, the company’s net loss widened to RM10.6 million from RM7.27 million a year ago, while revenue sank 57% to RM6.31 million from RM14.68 million.