WCT Holdings Bhd (-ve)SHARES in WCT Holdings Bhd (fundamental: 0.8/3, valuation: 2/3) triggered our momentum algorithm yesterday for the first time this year, following the emergence of Tan Sri Desmond Lim — executive chairman of Malton Bhd — as its single-largest shareholder on Tuesday. Its stock price rose eight sen or 4.57% to close at RM1.83, after 34.04 million shares were done, compared with its 200-day average volume of 1.86 million shares. Lim, who was also named executive chairman of WCT yesterday, acquired a 19.67% stake from the private vehicle of WCT co-founder and managing director, Peter Taing Kim Hwa. According to WCT’s bourse filing, Lim, via Dominion Nexus Sdn Bhd, acquired the stake or 245.72 million shares from WCT Capital Sdn Bhd through a direct business transaction deal. The stock currently trades at a trailing 12-month price-earnings ratio of 11.17 times and is at 0.82 times its book value.

Source: The Edge Markets November 03, 2016 02:50 UTC