Technical Analysis Opinion
Based on technical analysis, CIMB’s share price has still room to climb provided it break the strong resistance of RM6.80. Which the stock has tried 3 times and is now approaching the RM 6.80 mark again. However this time with stronger volume and increasing RSI.
If CIMB does manage to break the RM 6.80 mark, then it would have a potential upside of 8.4% which equates to Target Profit 1 (TP1) of RM 7.40. Should it surpass RM 7.40, then the second TP will be at RM 7.60.
Shareholder Interest
Employees Provident Fund (EPF) has been aggressively increasing its skate in CIMB in the past few months. As of June 5th , EPF’s stake in CIMB was at 11.86% and increased pass 13% on 28th June when EPF acquired 32 million shares. This lead to CIMB closing strong on very high volume as indicated in the charts.
Similarly, Kumpulan Wang Persaraan Diperbadankan (KWAP) has increase its stake to a total of 507,631,427 shares from 469,545,827 shares. The interest from these major funds will be the pushing force behind the share price.
Fundamentals and Outlook
CIMB currently has a positive outlook. The group posted highest recorded 1st quarter profits of RM1.18 billion and has double digit growth in the loans industry.
CIMB is also plans to expand in ASEAN, opening its first Vietnam Branch in December 2016. Furthermore, stronger forecasted growth in Indonesia and the Philippines is expected to bolster CIMB’s profits.
Final Thoughts
CIMB has potential to grow further and post results this 2017. Should the share price break the resistance of RM6.80, there is a good chance it will rally pass RM7.00 and hit TP1 of RM 7.40.
*This is a summary about the outlook of CIMB’s share price, it is not a buy or sell call. Decisions in the share market are entirely up to the individual and the author shall not be responsible for anything.
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CIMBI and friends saw great growth opportunity in CIMB to become one of the greatest regional bank and invested into it when it was traded at 8.3 in 2011. My friends are still in lost. Luckily my average cost is much lower as I invested 2 lots at low price before the 1:1 bonus issue after recommendation by the renowned blogger Dali in 2009. We need CIMB to go above rm8 to see meaningful return. Blue chip is sometime equivalent to Bullshit.
2017-07-29 14:56
Do not buy at high price, lest end up regret. Further, must cut lost when its business deteriorating. Now its business is growing well, should buy more to top up. Do not static and do nothing.
2017-07-29 19:33
Not to forget the involvement of CIMB in Touch n Go, and the recent launch of e-wallet with Alipay
2017-07-30 16:06
Red_Apollo
TP RM 7.4? Buy buy buy.
2017-07-29 13:37