Xin Hwa Holdings Bhd (+ve)
XIN HWA HOLDINGS BHD (fundamental: 0.6/3, valuation: 0.5/3) has been listed for the seventh time yesterday as a Stock with Momentum this year.
The counter closed up four sen or 4.76% at 88 sen, after 3.52 million shares were traded, versus the counter’s 200-day average volume of 280,326 shares. The group’s market capitalisation stood at RM190.08 million.
The group is principally an integrated logistic service provider involved in land transport operations, warehousing and distribution operations and other services.
Last month, its board, which has been alerted on some financial irregularities relating to certain transactions and payments, appointed KPMG Management & Risk Consulting Sdn Bhd to conduct an independent review on the group. The investigation started on Feb 18 and is expected to be completed in 10 weeks. As of yesterday, Xin Hwa’s shares were trading at 1.28 times its net book value.