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Stock Focus M'sia Pacific up 4% on positive technicals, undervaluation

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Stock Focus M'sia Pacific up 4% on positive technicals, undervaluation Empty Stock Focus M'sia Pacific up 4% on positive technicals, undervaluation

Post by Cals Thu 03 Oct 2013, 14:26

Stock Focus M'sia Pacific up 4% on positive technicals, undervaluation
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Thursday, 03 October 2013 13:29
KUALA LUMPUR (Oct 3): MALAYSIA PACIFIC CORP BHD [] rose as much as 4% before reducing gains. At 12.30pm, Malaysia Pacific settled at 51.5 sen with some 1.6 million shares done.
Shares of the property developer and investor had earlier gained as much as two sen to 52.5 sen. This compares with Malaysia Pacific's latest reported book value of 98 sen a share.
Technical analysts foresee upside in Malaysia Pacific's share price. In a note today, RHB Research Institute Sdn Bhd technical analyst Mohammad Ashraf Abu Bakar said RHB has a target price of 60 sen for Malaysia Pacific shares.
"MP Corp could rise after closing the highest in more than a week. The price target is MYR0.60, if the recent high of MYR0.55 is broken," Mohammad Ashraf said.
For comparison, Kenanga Investment Bank Bhd said Malaysia Pacific shares could rise to 63 sen.
Kenanga wrote in a note today that Malaysia Pacific shares which yesterday rose four sen to 50.5 sen, have shown positive technical indicators.
"More importantly, the chart pattern suggests that the share price could potentially rally towards 63 sen next. We reckon that at this point, the technical picture strongly favour the bulls with a 2.3x reward/ risk ratio," Kenanga said.
Malaysia Pacific is diversifying. The firm told Bursa Malaysia today it has signed a memorandum of understanding (MOU) with China-based Black Sea Horizon Investment Holdings Ltd to secure business partners for the local firm's consumer products trade hub in Johor.
According to Malaysia Pacific, its Asia Pacific Trade and Expo City (APTEC) serves as a platform for China-Malaysia strategic economic partnership.
Malaysia Pacific's website indicates that APTEC will be a platform for the firm to venture into trade, distribution and supply-chain operations.
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