Hot Stock Tomypak gains 1.16% on anticipated improving quarters ahead
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Hot Stock Tomypak gains 1.16% on anticipated improving quarters ahead
- Hot Stock
[size=28]Tomypak gains 1.16% on anticipated improving quarters ahead
By Surin Murugiah / theedgemarkets.com | May 23, 2016 : 9:33 AM MYTKUALA LUMPUR (May 23): Shares of Tomypak Holdings Bhd rose 1.16% this morning after HLIB Retail Research had a “Buy” rating on Tomypak with target price of RM3.02 (ex-rights RM2.35), or 17.1% upside, and said valuation is undemanding at 2.24 P/B (vs. Daibochi Plastic and Packaging Industry Bhd’s 3.13x), supported by decent yields of 3.98% and FY16-18 earnings CAGR of 14%.
At 9.09am, Tomypak rose 3 sen to RM2.61 with 64,600 shares done.
In a trading idea note today, the research house said following the refill of 11 sen gapdown on May 20, we believe the stock is ripe again to launch another wave of uptrend, in anticipation of potential price appreciation prior to the ex-rights entitlement on 1 June, supported by the bullish falling wedge pattern.
“A decisive breakout above RM2.65 will lift prices higher to retest RM2.73, RM2.84 and our long term target of RM3.00 zones.
“Cut loss at RM2.36,” it said.
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