SMTrack Bhd (-ve)
TRADING of shares in SMTrack Bhd (fundamental: 1.2/3, valuation: 0/3) triggered our momentum algorithm yesterday for the 13th time in the last four months.
The counter’s trading volume surged over 11 times to 30.36 million shares from its 200-day average of 2.7 million.
SMTrack’s share price — which touched a record low of 5.5 sen in February — has more than doubled since the start of the year. The counter rose 1.5 sen or 6.82% from Monday’s close to settle at 23.5 sen yesterday.
In April, SMTrack announced it had inked a memorandum of understanding with Dexma Express Sdn Bhd to explore investment opportunities for the upcoming operation of Indonesian carriage firm Citilink — a unit of Garuda Indonesia — in Malaysia. SMTrack plans to take up a 60% stake in Dexma’s operation for RM2.8 million. Dexma will then change its name to Citilink Aviation Malaysia Sdn Bhd and obtain the necessary licences or permits for the purpose of Citilink Malaysia’s operation.