Sterling Progress Bhd (-ve)
TRADING of shares in Sterling Progress Bhd (fundamental: 0.3/3, valuation: 2.25/3) triggered our momentum algorithm for the first time this year yesterday after some 13.7 million shares in the group were traded. Comparatively, its 200-day average volume traded was 247,687.5 shares.
Shares in Sterling Progress declined one sen or 5.13% to 18.5 sen yesterday, leaving the group with a RM59.44 million market capitalisation.
The group reported a net profit of RM687,000 in its second quarter ended Dec 31, 2018 versus a net loss of RM3.47 million the year before due to higher revenue from increased smartphone sales and retail management.
Following its acquisition of Macpiepro Sdn Bhd, Sterling Progress has ventured into the event and artist management industry.
The group’s shareholders approved a change of its name to Macpie Bhd at its extraordinary general meeting on March 29, 2019.