• Technical BUY on breakout with +10.4% potential return
• Last price: RM1.99
• Target price: RM2.16, RM2.22
• Support: RM1.90
• Stop-loss: RM1.89

BUY on breakout with a target price of RM2.22 and stop-loss at RM1.89. Share price consolidated within the immediate support of RM1.90 before last Friday’s positive closing above the BBI set a new tone for the short-term outlook. We expect PHR to continue the upward movement if it penetrates the breakout level of RM2.01. The bullish bias has been established following an uptick in the DMI. Currently, the MACD is on the verge of making a golden cross to the positive signal. We peg our targets at RM2.16 and RM2.22.

Expected Timeframe: 2 weeks to 2 months.

Source: UOB Kay Hian Research - 7 Aug 2017