Stock With Momentum: Spring Gallery
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Stock With Momentum: Spring Gallery
Stock With Momentum: Spring Gallery
By Asia Analytica / The Edge Financial Daily | April 20, 2016 : 12:35 PM MYTThis article first appeared in The Edge Financial Daily, on January 12, 2016.
Spring Gallery Bhd (+ve)
Shares in Spring Gallery Bhd (fundamental: 1.25/3, valuation: 0.30/3) triggered our momentum algorithm for the second time this year. This is after the counter surged 10.5 sen or 15.11% to 80 sen. The counter saw 35.63 million shares traded, compared with its 200-day average of 956,105 shares.
The ceramics company was venturing into the property development sector last year.
The group announced on Monday it had bagged a building job from Prinsip Nusantara Sdn Bhd and Spring Gallery’s unit Profit Sunland Sdn Bhd to develop a RM260 million mixed development project in Johor.
The development project, which is located in Perling, Johor Baru, has a gross development value of RM260 million and gross development cost of RM176.5 million.
The group believes that this development project will contribute positively to its future earnings, and improve its financial position via additional revenue and earnings.
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