Bursa Malaysia Stock Watch
Magna Prima (MAGNA MK; RM0.875) ? BUY (CIMB)
kltrader
Publish date: Fri, 11 Jun 2010, 02:59 PM
kltrader
0 20,639
This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
FY11P/E: N/A, P/BV: 1.0x
? Magna is still gyrating in a downtrend channel but we expect the trend to reverse soon. In the medium term, prices should at least test its 50-day SMA at RM0.93. A successful breakout from this level should lift prices towards RM0.96 and possibly even RM1.05 next (52-week high).
? Indicators are showing signs of improvement. MACD is poised for a positive crossover while its RSI has also hooked upward. It appears that selling
pressure has slowly tapered off.
? As long as prices hold steady above the support trend line (now at RM0.84), we believe the recovery remains intact. A slip below this level would trigger out stop.
Magna Prima, through its subsidiaries, provides services in civil engineering,
infrastructures, building works, rock crushing, earthworks, and drainage works.
The company subcontracts quarrying operations and renders professional
turnkey services.
? Magna is still gyrating in a downtrend channel but we expect the trend to reverse soon. In the medium term, prices should at least test its 50-day SMA at RM0.93. A successful breakout from this level should lift prices towards RM0.96 and possibly even RM1.05 next (52-week high).
? Indicators are showing signs of improvement. MACD is poised for a positive crossover while its RSI has also hooked upward. It appears that selling
pressure has slowly tapered off.
? As long as prices hold steady above the support trend line (now at RM0.84), we believe the recovery remains intact. A slip below this level would trigger out stop.
Magna Prima, through its subsidiaries, provides services in civil engineering,
infrastructures, building works, rock crushing, earthworks, and drainage works.
The company subcontracts quarrying operations and renders professional
turnkey services.
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