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Rakuten Research - Raised Synergy House Target Price to RM1.50

Publish date: Thu, 25 Apr 2024, 02:26 PM
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Synergy House may trend higher, says Rakuten Trade

KUALA LUMPUR (April 25): Synergy House Bhd may trend higher after breaking out from its one-week bullish rectangular pattern two sessions ago, to a new all-time high.

In a technical view note on Thursday, the research house said that as the stock formed a white marubozu candlestick on Wednesday coupled with the 20-day exponential moving averages (EMAs) pointing upward, the uptrend may continue in the near term.

“We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.38 (R1), followed by RM1.50 (R2).

“Fundamentally, we like Synergy for its B2C (business-to-consumer) focus, aiming for a 70% revenue share by FY2025, which promises higher margins,” it said.

Additionally, the research house said Synergy stands out for prioritising design and online sales, supported by artificial intelligence (AI)-driven market insights.

“Their expansion plans, which involve broadening product offerings and venturing into new markets like France, further solidify their position for growth,” it said

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