TSRCAP (5042) - Stock With Momentum: TSR Capital

TSR Capital Bhd (-ve)

SHARES in TSR Capital Bhd (valuation: 1.7/3, fundamental: 0.8/3) triggered our momentum algorithm yesterday for the seventh time this year.

The stock closed four sen or 5.33% higher at 79 sen yesterday, with 972,700 shares traded, more than three times its 200-day average volume of 275,916 shares.

On May 15, RHB Retail Research said in a note that TSR might climb higher above the 75.5 sen level, with immediate resistance level at 85 sen followed by the RM1.00 mark. Year to date, the counter has gained 59.6%. The builder has seen its shares rise steadily to its current two-year-high range beginning early March following a series of corporate announcements.

On June 30, TSR announced it was open to dispose of its RM170 million, 94%-occupied Menara TSR in Mutiara Damansara, Petaling Jaya and to use the gains to fund its other projects.