Friday 02 Jun 2023
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KUALA LUMPUR (Sept 29): Shares and warrants of Berjaya Corporation Bhd were among the actively-traded counters on the stock exchange as investors viewed the Tan Sri Vincent Tan-controlled firm as undervalued.

At 12.02 pm today, Berjaya Corp was heavily traded on some 120.7 million shares. The most active counter nudged up half sen or 0.9% to 57.5 sen. It had earlier hit a high of 60.5 sen.

Also, actively traded was its warrant, BJCorp-WB, with some 70.2 million units done. The second most active counter slipped half sen or 1.9% to 26 sen.

InterPacific Securities’ remisier Sam Ng told over the telephone: “The stock is seen strongly undervalued by investors.”

Ng said the investment holding firm owned many properties that have not undergone a recent revaluation to reflect its current market valuation.

He pointed out Berjaya Corp’s net tangible asset stood at RM1.24 as at Apr 30, 2014, as compared to the stock’s current trading value of 58 sen.

From a technical perspective, Kenanga Research in a note today said Berjaya Corp would see immediate support and resistance levels at 51 sen and 57 sen respectively.

Worth noting, substantial shareholder Vincent Tan had increased his stake in Berjaya Corp to 23.85%, after accumulating a total of 10.5 million shares via married deal, a Sept 5 filing to Bursa Malaysia revealed.

Also, filings with Bursa Malaysia showed Berjaya Corp executive director Datuk Zurainah binti Musa, had been steadily accumulating shares in the firm since July 8 this year.

As at Sept 25, she held an indirect stake of 0.64% in Berjaya Corp.


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