CIMB Research has Buy on BToto

by **hlk** Thu 16 Jun 2011, 14:21

KUALA LUMPUR: CIMB Equities Research has a Buy on Berjaya Sports Toto at RM4.41 at which it is trading at a FY12 price-to-earnings of 15.2 times and price-to-book value of 13.9 times.

The research house said on Thursday, June 16 the stock is set to break out of its medium term resistance trend line. If\ prices can swing past Wednesday’s high of RM4.42 on Thursday, there is a good chance that the candles may edge closer towards RM4.51, RM4.67 and possibly even RM4.80 next.

“Indicators remain compelling. MACD is hovering in the positive territory while RSI is also above the 50pts mark.

“Risk takers may start to nibble now while others should wait for a push above RM4.42 before going long. Only a fall below the lower channel of the triangle pattern (now at RM4.20) would negate this bullish trend,” it said.