Rakuten Trade Research Reports

Author: rakutentrade   |   Latest post: Tue, 19 Nov 2019, 9:34 AM


Technical View - Econpile Holdings Bhd (ECONBHD, 5253)

Author: rakutentrade   |  Publish date: Wed, 20 Nov 2019, 9:31 AM

Econpile Holdings Bhd (5253)

• ECONBHD rose 4.5% or 3.5 sen to RM0.81 yesterday.

• Chart-wise, share price has been on a positive run since mid-Oct and yesterday’s close sent the price to break above all key moving averages. From here, we expect buying momentum to continue.

• Resistance levels are identified at RM0.825 (R1) and RM0.88 (R2).

• Conversely, support levels can be identified at RM0.73 (S1) and RM0.69 (S2).

Source: Rakuten Research - 20 Nov 2019

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Technical View - WCE Holdings Bhd (WCEHB, 3565)

Author: rakutentrade   |  Publish date: Tue, 19 Nov 2019, 9:34 AM

WCE Holdings Bhd (3565)   

• WCEHB rose 10.4% or 4 sen to RM0.425 yesterday.

• Chart-wise, share price had rebounded from a 52-week low in end-Oct. It closed with a second consecutive positive long candle yesterday supported by higher trading volume. This could suggest stronger buying interest ahead thereby we expect share price to move higher.

• Resistance levels are expected at RM0.485 (R1) and RM0.500 (R2).

• On the contrary, support levels can be identified at RM0.400 (S1) and RM0.345 (S2).

Source: Rakuten Research - 19 Nov 2019

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Technical View - Dayang Enterprise Holdings Bhd (DAYANG, 5141)

Author: rakutentrade   |  Publish date: Mon, 18 Nov 2019, 9:10 AM

Dayang Enterprise Holdings Bhd (5141)

• DAYANG rose 1.6% or 3 sen to RM1.90 last Friday.

• Share price hit a high of RM2.20 in mid-October thereafter trapped in a consolidation mode which exhibit a healthy pullback, building a support base for the next leg up from current level. Share price is now trading above its key moving averages and we expect buying interest to remain strong with share price potentially re-testing its recent high of RM2.20.

• Resistance levels are expected at RM2.01 (R1) and RM2.17 (R2).

• On the contrary, support levels can be identified at RM1.83 (S1) and RM1.77 (S2).

Source: Rakuten Research - 18 Nov 2019

Labels: DAYANG
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Freight Management Holdings - Spreading International Presence

Author: rakutentrade   |  Publish date: Mon, 18 Nov 2019, 9:08 AM

Being one of the leading freight forwarders in ASEAN, Freight Management Holdings Bhd (“FMHB”) is looking to further strengthen its international presence. We see value proposition on FMHB, supported by its dividend yield of 5.8%, one the highest among logistics players in Malaysia. BUY with a target price of RM0.75 based on 11x FY20 PER as per the valuation of its 3-year average.

FMHB offers multimodal freight services, covering sea freight, air freight, land freight, third party logistics, warehousing and distribution as well as logistics supporting services. Founded in 1988, FMHB has expanded its portfolio to 11 operating countries with domestic market being the top contributor, generating more than 70% of revenue. We like FMHB’s strong presence across the ASEAN region, Australia, UAE, USA and South Asia. To date, FMHB operates with more than 1,000 staff strength and handles volume of 121,000 twenty-foot equivalent unit per annum.

Bulk of the revenue (~70%) is derived from sea freight underpinned by FMHB’s expertise on Less than Container Load (“LCL”). Despite higher volume handled in Full Container Load (“FCL”), gross profit margin garners from LCL segment is nearly double (~35% vs 18%) of FCL. Comparing with FCL, LCL business requires the freight forwarder to equip with higher specialised skills and experience to maximise container space utilisation. Being one of the leaders in the niche LCL segment, the diverse range of customers also benefits FMHB within the segment.

Air freight segment continues to register solid growth over the years supported by higher volume and project shipments. The group operates 9 warehouses totalling 1m sq ft floor space. Besides, management is presently looking to exit its lossmaking tug and barge business which has been dragging overall financial performance.

FMHB has a healthy balance sheet with gearing of 0.2x. It has been consistently paying dividend since listing with payout ratio ranging from 30% to 72%. Offering one of the highest dividend yield amongst industry peers and trading lower than industry average PER of ~21x, we deemed FMHB’s valuation as attractive.

Source: Rakuten Research - 18 Nov 2019

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Technical View - Kawan Food Bhd (KAWAN, 7216)

Author: rakutentrade   |  Publish date: Fri, 15 Nov 2019, 9:37 AM

Kawan Food Bhd (7216)

• KAWAN gained 8 sen or 5.6% to RM1.52 yesterday.

Share price managed to close above its 200-day simple moving average line yesterday marking a second consecutive gain supported by improving trading volume. Should the buying momentum sustained, we expect the uptrend to continue.

• From here, resistance levels are expected at RM1.57 (R1) and further to RM1.62 (R2).

• On the contrary, support levels can be identified at RM1.38 (S1) and RM1.28 (S2).

Source: Rakuten Research - 15 Nov 2019

Labels: KAWAN
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Technical View - Johore Tin Bhd (JOHOTIN, 7167)

Author: rakutentrade   |  Publish date: Thu, 14 Nov 2019, 9:45 AM

Johore Tin Bhd (7167)

• JOHOTIN gained 7 sen or 4.7% to RM1.54 yesterday.

• Chart wise, yesterday’s uptrend sent the share price to break out to higher level supported by rising trading volume. With the share price trading above all key moving averages, we believe there is further potential upside.

• As such, resistance levels are expected at RM1.60 (R1) and further to RM1.66 (R2).

• On the contrary, support levels can be seen at RM1.47 (S1) and RM1.41 (S2).

Source: Rakuten Research - 14 Nov 2019

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