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HLBank Research Highlights

Author: HLInvest   |   Latest post: Tue, 19 Jan 2021, 10:23 AM

 

Technical Tracker - Media Prima - A Good Turnaround and ESG Investing Proxy, With Solid NCPS of 13.5sen

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Despite a challenging outlook in the media industry, we are encouraged by the group’s initiative in streamlining its operations and at the same time proactively improving their integrated advertising solutions. MEDIA’s risk-reward profile is attractive after sliding 46% from a 52-week high of RM0.385 to RM0.205. Valuation is undemanding at 41% discount to BVPS of RM0.50 (also 41% below its 5Y mean), supported by 13.5sen NCPS (or 66% to share price). Moreover, current share price is considerably lower against major shareholders’ entry costs i.e. Syed Mokhtar (bought 31.9% stake back in Oct 2019) and Morgan Stanley (12.8% stake accumulated in Apr 2017).

Pending a bullish rounding bottom formation. The rounding bottom or a saucer bottom is a long-term reversal pattern, representing a long consolidation period that turns from a bearish bias to a bullish bias. Following the 1st and 2nd bottoms on 11 March (RM0.11) and 2 Nov (RM0.145), MEDIA’s share price has rebounded above all key SMAs. Given the bullish technicals and a huge 26.3m shares done yesterday (vs 90D average of 4.9m shares), the stock is expected to break the long-awaited neckline resistance of RM0.22 soon. Clearing this hurdle will lift prices higher towards RM0.25 (61.8% FR) before reaching our LT objective at RM0.28 (76.4% FR). Supports are pegged at RM0.195 (38.2% FR) and RM0.18 (20D SMA). Cut loss at RM0.17.

Source: Hong Leong Investment Bank Research - 4 Dec 2020

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Labels: MEDIA

Related Stocks

Chart Stock Name Last Change Volume 
MEDIA 0.29 +0.01 (3.57%) 2,683,900 

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