Hot Stock MKH falls 5% on profit-taking after recent gains
Page 1 of 1
Hot Stock MKH falls 5% on profit-taking after recent gains
Hot Stock MKH falls 5% on profit-taking after recent gains |
Business & Markets 2014 |
Written by Jonathan Gan of theedgemalaysia.com |
Monday, 07 April 2014 15:51 |
KUALA LUMPUR (Apr 8): MKH Bhd shares fell today on profit taking after making huge gains in the recent past, according to analysts.
At 3:10 pm today, the property & plantation group fell 20 sen or 5% to RM4.55 per share with 366,600 shares traded.
An analyst with a major research house told theedgemalaysia.com that the stock is experiencing some consolidation due to its steep rise in recent weeks.
“We’re seeing some short term profit taking on the stock,” he said.
Mohammad Ashraf, a technical analyst with RHB Research Institute, told theedgemalaysia.com that the stock might see further consolidation if it stays below RM4.75.
“The stock has been going up for three months now so it might be taking a break,” he said.
He placed subsequent support levels between RM4.2 and RM4.4.
According to Bloomberg data sources, MKH has risen 71.38% year to date versus the KLCI's decline of 0.38%.
HwangDBS Vickers Research has placed a “buy” call on the stock earlier last month with an unchanged target price of RM5.40 per share, citing its affordable home developments which form the “bread and butter” of its business.
The research house said that MKH’s low land cost in Kajang/Semenyih would provide a distinct price advantage over its peers.
“MKH’s distinct advantages include low land cost in Kajang/Semenyih of about RM9 per square feet versus approximately RM25 per square feet entry cost for peers, … as urban migration and MRT connectivity continue to drive demand for affordable housing in the area,” said the report.
HwangDBS also forecasts the company’s plantation earnings to grow at an astounding 69% compounded annual growth rate (CAGR) over FY13 to FY16.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My 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
Similar topics
» Hot Stock Unisem falls 5% on profit taking after recent gains
» Hot Stock Karex falls 5% on profit taking after recent
» Hot Stock Tebrau falls on profit-taking after recent surge
» FBM KLCI pares down gains; MSM falls on profit-taking
» Market Close KLCI erases gains on profit taking, falls 0.1%
» Hot Stock Karex falls 5% on profit taking after recent
» Hot Stock Tebrau falls on profit-taking after recent surge
» FBM KLCI pares down gains; MSM falls on profit-taking
» Market Close KLCI erases gains on profit taking, falls 0.1%
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum