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Hot Stock SKP Resources jumps 3.45% on positive trading idea outlook
by Cals Fri 01 Jul 2016, 01:24
- Hot Stock
[size=28]SKP Resources jumps 3.45% on positive trading idea outlook
By Surin Murugiah / theedgemarkets.com | June 30, 2016 : 12:14 PM MYTKUALA LUMPUR (June 30): Shares of SKP Resources Bhd rose 3.45% this morning after Hong Leong IB Research (HLIB Research) said SKP was bottoming up.
At 11.39am, SKP rose 4 sen to RM1.20 with 1.48 million shares done.
HLIB Research said that after hitting a new 52-week low at RM1.12 on June 28, SKP's share price bottomed up to end 3.6% higher at RM1.16 yesterday, driven by active Employees Provident Fund buying interests as values emerge after irrational selldown.
In a trading idea note today, the research house said SKP is currently trading at 9.4x FY18 P/E (in line with VS's P/E of 9.5x), supported by robust net earnings CAGR of 38% from FY16–18 (or a cheap 0.25x PEG), attractive yield of 5.2% and netcash of RM19 million.
"A decisive breakout above immediate resistance of RM1.23 could take the next leg up towards RM1.28–1.33 zones.
"Key supports are RM1.10–1.12 levels. Cut loss at RM1.09," it said.
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