FLOWS;
BUYS: PBBank, CIMB, Sime, MRCB
SELLS: IOIC, Maxis, IJM
Technical Stock Alert;
SOP (RM6.75) - Showing signs of divergence between its
share price which has remained resilient despite weakening technical indicators
of MACD and RSI which has slipped from 82 to 41. Its price touch a year high of RM6.95 and based on the reversal of fortunes in CPO pxs
recently, we expect SOP to slip back to its immediate support of RM6.40 and
possibly RM6.00. Trim
Stock of the Day;
TG OFF (RM0.69)- Stock
has been punished to the tune of 28% since announcing the divestment of its OSV division on the 24th April. It
touched a low of RM0.65 before showing signs of bottoming with RSI coming off
28 and MACD wide divergence possibly cutting up soon.
- The sale
of vessels will raise RM220m and also involve the repayment of RM44m in advances of which RM130m has been
earmarked to be distributed as a special dividend. This translates to
RM0.444/share. TG OFF will also allow its shareholders to invest in the SPV
which acquired its OSV division via a right offer of the RCPS.
- The
company will now concentrate on its maintenance and engineering business with a stronger balance sheet.
- Trading
buy with an immediate upside target of RM0.76.
