• Business profile: IFCAMSC (IFCA, listed in July 2003), is a leading business software solution company specializing in the property industry. IFCA has developed its software to meet the needs of property developers and property managers. Its clientele is spread over countires in ASEAN, Australia, China, Middle East, Afica etc. In terms of geographical breakdown, Malaysia (over 65%) and China (over 10%) were the main top two contributors of FY15 revenue. Balance sheet is strong with RM56m netcash (or 9.2 sen/share) as at Mar 16, equivalent to 17% of share price.

• Its e-Commerce initiative, Property365 has gained good traction todate, with property inventory of over RM3bn and is expected to generate revenue in the 2H16. As at 1Q16, the Group has unbilled orders in hand amounting to RM27.5m.

• Pending a bullish symmetrical triangle breakout. Following a LT downtrend line breakout in early July, IFCA is likely to form a small triangle breakout, breaking the downtrend resistance (near RM0.55) soon. A decisive breakout will lead prices further towards RM0.575 (daily upper Bollinger band) and RM0.60 (38.2% FR) levels, before reaching our LT objective at RM0.63 (30-w SMA).

• On the flip side, key supports are situated at RM0.51 (daily lower Bollinger band) and RM0.50 psychological levels. Cut loss at RM0.49.

Source: Hong Leong Investment Bank Research - 12 Aug 2016