Flows:
Buys: Armada, CIMB
Sells: WCT, AirAsia, MAS
Technical Stock Alert:
Benalec - (RM1.12)- Stk formed a double top at RM1.40 lvls but has since
reversed its trend to make a new recent low at RM1.12. Technically looks
oversold as RSI languishing at 26 whilst MACD is flattening out. Immediate
support should hold at RM1.10, otherwise stronger support is seen at RM1.
- exciting prospects in coming quarters as co
concentrates on its core business focusing in Johor where it is in the process
of reclaiming 3485 acres in Tg Piai and 1760 acres in Pengerang over the course
of 10-15 years. Both these locations have been earmarked for the development of
Johor into a oil hub.
- further rerating catalyst should co be awarded more
reclamation jobs in Melaka, Penang and Singapore.
- Trading at undemanding PE of 7.8x with a potential of
50% earnings growth in the following year. Accumulate on weakness.
Plantation
Name 24/4/2012
YTD Comment
Small/Mid Cap
TSH 2.47
30.00% MACD cutting down, break below RM2.44.
could see share price retest RM2.26 levels.
TWSPLNT 5.59
28.80% MACD cut down. Broken below RM5.57
could see share price retrace to RM5.20 (61.8% level)
TDM 4.73
25.80% MACD cut down. Breaking below RM4.66
could see share price retrace to RM4.32
SOP 6.87 22.90% Share trading near all time
high RM6.95,
MACD is negative, RSI 60.69
RSAWIT 1.1
18.92% MACD cutting down, key support RM1.10,
violation would see share price retrace to RM1.00 level
Big Cap
KLK
24 8.79%
IOI
5.35 0.77%
SIME
9.73 6.09%
Recent weakness in global equity market has seen CPO
futures falling from its high of RM3628/MT To RM3475/MT breaking below its
upward trendline. Current chart is showing a head and shoulder pattern and
should it fall below RM3426/MT, index could retrace to RM3224/MT level. Lock in
profit on recent outperformers. BOW Sime-underperforming big cap and most
liquid proxy to plantation sector.
