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Hot Stock Kim Teck Cheong jumps 4.17% as investors buy on weakness

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Hot Stock Kim Teck Cheong jumps 4.17% as investors buy on weakness

Post by Cals Mon 25 Apr 2016, 18:37

Hot Stock

[size=28]Kim Teck Cheong jumps 4.17% as investors buy on weakness

By Surin Murugiah / theedgemarkets.com | April 25, 2016 : 9:25 AM MYT
KUALA LUMPUR (April 25): Shares of Kim Teck Cheong Consolidated Bhd (KTC) jumped 4.17% this morning after Hong Leong IB Research maintained its “Buy” rating on KTC and said KTC’s management guided that a few negotiations between KTC and MNCs/local well-known companies are in the midst of completion and the acquisitions/distribution contracts are expected to conclude by mid-2016.

At 9.06am, KTC rose 1.5 sen to 37.5 sen with 3.37 million shares traded.

In a trading idea note today, the research house said it derived its target price of 49 sen, based on distribution industry peers’ average P/E of 15.2x, which is justifiable given its proven and established track record since its listing, future strong earnings growth; experienced management team and margin expansion due to initiatives in own brands of consumer packaged goods.

HLIB Research said that from technical view point, recent share price retracement was grossly oversold.

“The stock is expected to stage a strong imminent recovery in share price amid bottoming-up oscillators.

“Hence, we reiterate our Buy call on KTC, with technical upside resistances of 39 sen, 42 sen and 44 sen (long-term objective). Immediate supports are at 35.5 sen and 34.5 sen. Cut loss below 33.5 sen,” it said.
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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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