ECM (2143) - Stock With Momentum: ECM Libra Financial Group


ECM Libra Financial Group Bhd (-ve)

SHARES in ECM Libra Financial Group Bhd (valuation: 1.2/3, fundamental: 1.05/3) triggered our momentum algorithm yesterday for the second time this year. The counter closed 1.5 sen or 2.75% higher at 56 sen yesterday, with 505,600 shares done compared with its 200-day average volume of 183,147 shares. Its market capitalisation stood at RM160.49 million.

On May 5, the counter jumped 19 sen in a single trading day, leading to its current trading range. The uptick came after it announced a special dividend amounting to RM44.5 million or 15.5 sen per share, following plans to dispose of non-core assets comprising part of Bangunan ECM Libra and a semi-detached house in Kuala Lumpur for RM28 million in cash.

Concurrently, it announced plans to acquire a 50% stake in the subsidiaries of Singapore-based TP Real Estate Holdings Pte Ltd and two hotels from Tune Hotels Sdn Bhd. The deal will shift ECM Libra into hotel management as a new core business, having disposed of its investment banking and securities business in 2012.



http://www.theedgemarkets.com/article/stock-momentum-ecm-libra-financial-group-0