Hot Stock IFCA MSC falls in active trade after UMA query

by **Cals** Mon 28 Sep 2015, 18:00

Hot Stock

[size=28]IFCA MSC falls in active trade after UMA query

By Yimie Yong / theedgemarkets.com | September 28, 2015 : 12:25 PM MYT

KUALA LUMPUR (Sept 28): Shares of IFCA MSC Bhd ([You must be registered and logged in to see this image.] Valuation: 1.50, Fundamental: 3.00) fell in active trade today after it was slapped with an unusual market activity (UMA) query last Friday over the rise in volume and price of its shares.

At 11.36am, IFCA was down 2.58% or 2.5 sen to 94.5 sen with 50.85 million shares done, making it the most actively-traded stock on Bursa ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 2.30) Malaysia. The current price gives it a market capitalisation of RM528.24 million.

From Aug 24, IFCA’s share price had surged 92% to 97 sen at last Friday’s close.

In the UMA query last Friday (Sept 25), Bursa asked IFCA if there was any corporate development, business negotiation rumour, or report or any other possible explanation that could account for the hike in share price and volume.

As at the time of writing, IFCA has not replied to the UMA query.

This is the fourth time since January that the counter has received an UMA query by Bursa. The last UMA it received was on June 16.

In a filing dated Sept 17, IFCA said its wholly-owned subsidiary in China, Jingyou Information Technology (Shanghai) Co. Ltd, had on Sept 7, 2015 received a signed contract worth RM3.34 million from Capitaland Management (China) Co. Ltd ([You must be registered and logged in to see this image.] Valuation: 2.60, Fundamental: 1.00) for the supply and installation of a project costing, planning and procurement system.

The contract is expected to make a positive contribution to the earnings per share and net assets per share of IFCA for the financial year ending Dec 31, 2015 (FY15).

IFCA’s net profit for the second quarter ended June 30, 2015 (2QFY15) came in 89.7% higher at RM5.7 million or 1.02 sen per share, compared to RM3 million or 0.67 sen per share in the same period a year ago.

Its revenue was also up by 30.8% at RM23.88 million from RM18.25 million previously.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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