KUALA LUMPUR (July 5): Shares in automated industrial system group Genetec Technology Bhd, seen as a proxy to the electric vehicle (EV) industry, continued their upward momentum today, rising as much as 25% to hit another fresh high of RM16.28 in morning trades.
At market close, the stock pared gains and closed at RM13.96 — still up 94 sen or 7.22%. A total of 3.026 million shares exchanged hands. Its latest market capitalisation stood at RM702.68 million.
Year to date, the counter has gained some 707% since its close of RM1.73 on Dec 31, 2020.
Its abrupt meteoric rise started in late May, when the stock closed at RM3.69 on May 28.
On June 17, Genetec announced via a Bursa Malaysia filing that it had secured new orders worth RM47.9 million from existing customers who are global players in the “electric vehicle and battery” and “hard disk drive, electronics and semiconductor” industries.
On top of that, research house CGS-CIMB Research highlighted last week that Genetec was one of several Bursa-listed companies with exposure to the EV and battery space, which made up 93% of its RM205.6 million orders secured since February this year.
The order book itself represented over two times its revenue for the financial year ended March 31, 2021, the research house said.