Silver Ridge Holdings Bhd (-ve)
TRADING of shares in Silver Ridge Holdings Bhd (fundamental: 0.95/3, valuation: 0/3) triggered our momentum algorithm yesterday for the second time this year.
The counter closed unchanged at 42 sen, with 4.5 million shares traded, over three times its 200-day average volume of 1.23 million shares. Year-to-date, the counter has risen some 45% from 29 sen on Dec 31 last year.
The group is principally involved in the provision of IT products and services. It posted a turnaround for its second quarter ended Dec 31, 2019, with a net profit of RM46,000 compared to a net loss of RM1.27 million a year ago, on the back of downsizing and cost reduction measures implemented.
Revenue, however, fell 47% to RM3 million from RM5.63 million due to the lower recognition value of certain completed projects in hand, and no new substantial contracts being executed during the quarter.